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.
This system of self-enforcing property rights is called the medieval lex mercatoria (law merchant).
[section]671.103 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
This was the case, for example, with the medieval law merchant. Enforcement of official judgments was extremely difficult, (90) but the law merchant could keep account of those merchants who defaulted.
Lex mercatoria, or "the law merchant," refers to a set of mercantile customs that began voluntarily within the merchant community but eventually crystallized into binding norms.
In an endeavour to define the nature of 'sports law', the Lex Sportiva has been compared and contrasted by several academics and commentators on 'sports law' with the Lex Mercatoria - the 'Law Merchant'.
As Australian commerce becomes more international in nature, we need a common framework--a 'new law merchant'--by which contractual relations are maintained.
For over a half century, it has been claimed that cross-border business transactions are governed by a transnational body of norms specific to international trade, generally known as lex mercatoria, the "law merchant." 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.