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 ?
Their litigation induced some changes in common law method and a drawn-out reception of some parts of the law merchant into the common law, accelerated by Lord Mansfield.
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 .
103 provides that, unless displaced by the particular provisions of the code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating cause shall supplement its provisions.
reference to the law merchant, a body of internationally-derived
General commercial law, or the law merchant, referred to
Enforcement of official judgments was extremely difficult, (90) but the law merchant could keep account of those merchants who defaulted.
Rodas en el contexto de la antiguedad, a la vez que, la law merchant en
Lex mercatoria, or the Law Merchant, was the legal doctrine developed in the Middle Ages by special local courts in Britain and elsewhere.
However, that effort might stall if commercial parties believe the rules in the new law merchant are too open-textured, allowing too much judicial intervention in contracting practices.
This legal phenomenon is in fact often described as the "new" lex mercatoria, as distinguished from the "ancient" law merchant, which purportedly flourished in medieval and early modern Europe.
Globalization and the consequent transnationalization of private law which led in commerce and finance to the re-emergence of a modern law merchant or new lex mercatoria, gave custom, however, a reinvigorated role as an independent source of law, although it still competes with other sources of law, including statist laws of a private or regulatory nature.