law merchant

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law merchant:

see commercial lawcommercial law,
the laws that govern business transactions, except those relating to the maritime transportation of goods (see maritime law). Commercial law developed as a distinct body of jurisprudence with the beginning of large-scale trade.
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References in periodicals archive ?
El segundo concepto se refiere al poder que tienen las partes para hacer aplicable a su contrato condiciones generales de la contratacion (CGC) de una de las partes, contratos modelos de algun organismo privado, cuerpos de reglas de la lex mercatoria --p.
La costumbre internacional privada, denominada anteriormente lex mercatoria se caracterizo por ser "un conjunto de principios y reglas consuetudinarios que son amplia y uniformemente reconocidos y aplicados en transacciones internacionales .
In the context of international commercial arbitration, references to the lex mercatoria regularly target the rules and conflict resolution mechanisms of border-crossing commercial transactions.
It is through the actions of international arbitration courts, working in the realm of international organizations, that it became one of the most important sources of Customary Trade Law, being, for some authors, one of the elements of lex mercatoria itself (STRENGER, 1996).
Because ancient lex mercatoria norms fall directly in line with a corporation's desire to maximize profits and minimize liability and CSR norms tend to cut into profits and expose the corporation to new forms of liability, the marketplace embraced the former but will reject the latter to the extent that it impedes shareholder value.
Igualmente, todos los criterios procedimentales de la denominada procedural lex mercatoria (Nottage 2006), tales como la definicion por las partes de sedes de arbitraje, de leyes aplicables, de pruebas aceptables, de plazos, sirven a tanto al aseguramiento de las expectativas en la contextura comercial, a la estabilizacion de su oscilacion y, con ello, a la diferenciacion respecto de su entorno.
Another example of lex mercatoria in operation, also developed by the ICC, is the Uniform Customs and Practices for Documentary Credits (UCP), which are used in banking and trade finance for handling international letters of credit in more than 175 countries.
34) A nostalgic yearning for a return to the uniform, if not always simple, rules of the lex mercatoria inspired reformers, at the end of the nineteenth century, to begin creating an international code governing sales.
Under theoretical and methodical foundations, he discusses traditional concepts for overcoming deficiencies in the application of domestic law in transnational commercial contexts, and the dogmatic foundations of the new lex mercatoria doctrine.
Also called lex mercatoria or "transnational commercial law," these are the putative laws of global commerce.
While this article focuses on the applicability of international law, most of the discussions in it will equally apply to other forms of non-national law, in particular the choice of lex mercatoria, which is also found in a number of state contracts.