{"id":8794,"date":"2017-11-20T07:52:21","date_gmt":"2017-11-20T07:52:21","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=8794"},"modified":"2017-11-20T07:53:45","modified_gmt":"2017-11-20T07:53:45","slug":"8794-2","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=8794","title":{"rendered":"Law Merchant – a system of customary law (modern day U.C.C.) that developed in Europe during the Middle Ages and regulated the dealings of mariners and merchants in the commercial countries of the world until the 17th century"},"content":{"rendered":"

law merchant<\/span>:<\/span><\/strong>
\n(15c)<\/span><\/p>\n

1. A system of customary law that developed in Europe during the Middle Ages and regulated the dealings of mariners and merchants in the commercial countries of the world until the 17th century.\u00a0 *\u00a0 Many of\u00a0<\/span>the law merchant\u2019s principles came to be incorporated into the common law, which in turn formed the basis of\u00a0<\/span><\/strong>the Uniform Commercial Code.<\/strong> \u2014 aka commercial law<\/strong><\/em><\/span>; lex mercatoria<\/strong><\/em><\/span>. [1]<\/span><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from Stephan W. Schill’s\u00a0\u201cLex Mercatoria,\u201d\u00a0<\/em><\/a>in 6 The Max Planck Encyclopedia of Public International Law<\/em>\u00a0(Rudiger Wolfrum ed., 2012):<\/strong><\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201cThe term lex mercatoria or law merchant is used to designate the concept of an anational body of legal rules and principles, which are developed primarily by the international business community itself based on custom, industry practice, and general principles of law that are applied in commercial arbitrations . . . in order to govern transac<\/span><\/span>tions between private parties, as well as between private parties and States, in transborder trade, commerce, and\u00a0<\/span>finance. _It is a reaction to the increased complexities of modern international commerce . . . and the inability of\u00a0<\/span><\/span><\/strong>domestic law to provide adequate solutions that stabilize the parties\u2019 mutual rights and obligations. The notion of (ex rnercatoria is mainly used in scholarly writings in private international law; decisions by arbitral tribunals, domestic courts, and commercial contracts use the notion less frequently, even though the concept of an anational body of rules for international commerce is increasingly recognized in legal practice . . . .<\/span>\u201d<\/strong> [2]<\/span><\/p>\n

References:<\/span><\/strong><\/span><\/p>\n

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[1]: Black’s Law Dictionary <\/a><\/span><\/strong>Deluxe Tenth Edition<\/b><\/span><\/a><\/em> by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4<\/span><\/strong><\/p>\n

[2]:\u00a0Stephan W. Schill, \u201cLex Mercatoria,\u201d\u00a0<\/em><\/a>in 6 The Max Planck Encyclopedia of Public International Law<\/em> 823, 823 (Rudiger Wolfrum ed., 2012).<\/strong><\/span><\/p>\n

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