law merchant

American  

noun

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

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law merchant British  

noun

1. mercantile law the body of rules and principles determining the rights and obligations of the parties to commercial transactions; commercial law

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Etymology

Origin of law merchant

First recorded in 1615–25

Example Sentences

Also in medieval fairs, the assembled merchants declared their own “law merchant,” which was considered to have a supernational validity.

From Project Gutenberg

These characteristic privileges were conferred by the law merchant, which is part of the common law, and are now confirmed by statute.

From Project Gutenberg

Also the formal contracts of the law merchant are subject to defeat by showing there was no consideration, except when in the hands of holders for value without notice.

From Project Gutenberg

On the other hand, however, by the law merchant, which is part of the law of England, and which disregards the rules of common law, bills of exchange were freely assignable.

From Project Gutenberg

For which reason the affairs of commerce are regulated by a law of their own, called the law merchant or lex mercatoria, which all nations agree in and take notice of.

From Project Gutenberg