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law merchant

noun
1.
the principles and rules, drawn chiefly from custom, determining the rights and obligations of commercial transactions; commercial law.
Origin
1615-1625
1615-25
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for law merchant

law merchant

noun
1.
(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 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Encyclopedia Article for 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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