law merchant

law merchant

noun
the principles and rules, drawn chiefly from custom, determining the rights and obligations of commercial transactions; commercial law.

Origin:
1615–25

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World English Dictionary
law merchant
 
n
mercantile law the body of rules and principles determining the rights and obligations of the parties to commercial transactions; commercial law

Collins English Dictionary - Complete & Unabridged 10th Edition
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Encyclopedia Britannica
Encyclopedia

law merchant

during the Middle Ages, the body of customary rules and principles relating to merchants and mercantile transactions and adopted by traders themselves for the purpose of regulating their dealings. Initially, it was administered for the most part in special quasi-judicial courts, such as those of the guilds in Italy and, later, regularly constituted piepoudre courts in England (see piepoudre court).

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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