This is borne out by the historical Law Merchant
as well as its modern equivalent.
(1990) "The Role of Institutions in the Revival of Trade: The Law Merchant
, Private Judges, and the Champagne Fairs." Economics and Politics 2 (1): 1-23.
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
(31.) See, e.g., Michael Conant, The Commerce Clause, the Supremacy Clause and the Law Merchant
: Swift v.
It was advocatory rather than descriptive or analytical." (36) In fact, the Right Honourable Sir Richard Atkin, in his Forward to Bewes' Romance of the Law Merchant
lamented that merchants were not associated with notions of romance and celebrated Bewes's book's potential to "not only create an interest in the past, but give a vision of the romance that attends the commerce of the present." (37)
Another similarity between the Law Merchant
and the Court of Arbitration for Sport is that both bodies may settle disputes ex aequo et bono; in other words, applying a general principle of fairness or equity.
(19) Modern literature often invokes images of the "ancient" law merchant
: autonomous, cosmopolitan, transnational.
The UCC makes it very clear in Section 1-103 that custom is favored, particularly if law merchant
. It provides that the Code is to be interpreted liberally in order "to permit the continued expansion of commercial practice through custom, usage, and agreement between the parties" whilst "unless displaced by the particular provisions of the Code, the principles of law and equity including the law merchant
There is a difference between institutions that evolve as communities trade with one another - the Law Merchant
, standardized weights and measures, etc.