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 ?
This is borne out by the historical Law Merchant as well as its modern equivalent.
In the absence of a supranational sovereign to enforce and sustain property rights between contemporary international traders, modern international trade is similarly governed privately--by a modern law merchant.
Chen, Code, Custom, and Contract: The Uniform Commercial Code as Law Merchant, 27 TEX.
court as to the prevailing custom in the law merchant, and, in the late
the law merchant, the law maritime, and the law of state-state relations
Emily Kadens, The Myth of the Customary Law Merchant, 90 TEX.
21) Invocations of the ancient law merchant are also recurring in the modern conflict-of-laws literature, as well as in domestic commercial law.
16) It could also be said that the old law merchant concerning negotiable instruments was mandatory international custom before it became caught up in the 19th century national codifications, or statutory law in England.
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.
Rogers has a simple objective: to correct the persistent notion that English commercial law finds its origins "in the struggle between the law merchant and the common law" (p.