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 ?
Dai que uma nova "Lex Mercatoria", como conjunto de normas internacionais economicas que articulam os Estados, as instituicoes e os Organismos Internacionais em torno da manutencao de um regime de Mercado, que garanta as condicoes do relativamente livre fluxo de bens, valores e capitais venha se constituindo como o momento central de articulacao internacional da nova ordem juridica do capitalismo financeirizado.
And, of course, centuries ago there was the Lex Mercatoria, the Merchant Law, which businesses created and enforced in Europe, completely separate from any government.
The same author (2012, p.65) proposes that within lex mercatoria one finds general principles of law in the field of obligations, extracted from traditions and customs, as observed in typical contracts of international trade, in decisions of national courts on the subject, and most especially in arbitral decisions, for arbitration is the preferred mechanism of dispute resolution in the international contractual level.
This is reflective of the direction of lex mercatoria over its historical development.
What follows here should not be read as a continuation of or yet another contribution to what has grown into a highly differentiated and detailed debate about the legal quality of the lex mercatoria. (8) Instead, the task here is to position the lex mercatoria--once again(9)--in the context of a still inconclusive investigation into the consequences of globalization for law.
It is closer to common law or lex mercatoria, a reflection of a global common consensus that becomes authoritative when judges employ it.
Some have suggested that binding CSR norms will ultimately emerge from multinational corporations themselves along the lines of the lex mercatoria. This article seeks to counter that argument by suggesting that, even if the traditional narrative of the lex mercatoria is true--an assertion upon which considerable doubt has been cast--modern multinational corporations are not likely to take the lead in developing and enforcing such norms.