law merchant


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law merchant

n. pl. laws merchant
A body of law consisting of the recognized and customary commercial principles and practices of merchants rather than formal statutes and regulations.

law merchant

n
(Professions) mercantile law the body of rules and principles determining the rights and obligations of the parties to commercial transactions; commercial law

law′ mer′chant


n.
the customary principles and rules determining the rights and obligations of commercial transactions.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.law merchant - the body of rules applied to commercial transactions; derived from the practices of traders rather than from jurisprudence
law, jurisprudence - the collection of rules imposed by authority; "civilization presupposes respect for the law"; "the great problem for jurisprudence to allow freedom while enforcing order"
References in periodicals archive ?
This legal tradition included the voluntary Law Merchant and the codes of the free cities.
This set of informal institutions is called the lex mercatoria, or Law Merchant.
As Benson (1989: 645) notes in his discussion of the medieval law merchant, this system demonstrates that international "commerce and commercial law have developed conterminously, without the aid .
reference to the law merchant, a body of internationally-derived
Lex mercatoria, or the Law Merchant, was the legal doctrine developed in the Middle Ages by special local courts in Britain and elsewhere.
There is a difference between institutions that evolve as communities trade with one another - the Law Merchant, standardized weights and measures, etc.
This, it is alleged, was only possible because at that time, traders developed a law merchant similar to the modern lex mercatoria, whose forerunner it was.
The purest example of "spontaneous law"--law based not upon sovereign coercion but, instead, upon voluntary action--is the law merchant.
Initial development of law merchant was left largely, though not entirely, to the merchant themselves, who organized international fairs and markets, formed mercantile courts, and established mercantile offices in the new urban communities that were springing up throughout western Europe.