law merchant

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  • noun

Synonyms for law merchant

the body of rules applied to commercial transactions

References in periodicals archive ?
This Part deals with how market pressures give rise to generally similar legal structures, employing the medieval Law Merchant (an oft-cited example) to illustrate the process.
Although initially based on what knowledge of Roman civil law had been salvaged after the fall of the Roman Empire, the medieval law merchant evolved as customs and practices common to many geographic locales became standard practice for merchants engaged in international commerce (Benson 1989: 648).
The historic role and influence of the law merchant provides a broad context for understanding negotiability under the code.
determine the law merchant and incorporate it into the larger corpus
various branches of the law of nations, including the law merchant (or
Cooter, Decentralized Law for a Complex Economy: The Structural Approach to Adjudicating the New Law Merchant, 144 U.
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.
However, that effort may stall it commercial parties believe that the rules in the new law merchant are too open-textured, allowing too much judicial intervention in contracting practices.
18) In the early twentieth century, almost forty years before the articulation of the modern lex mercatoria concept, the aptly entitled book The Romance of the 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 .
This legal tradition included the voluntary Law Merchant and the codes of the free cities.
This set of informal institutions is called the lex mercatoria, or Law Merchant.
There is a difference between institutions that evolve as communities trade with one another - the Law Merchant, standardized weights and measures, etc.