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

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 Encyclopaedia Britannica, 11th Edition, Volume 6, Slice 3 "Chitral" to "Cincinnati" by Various

Town and market authorities were required by it to give prompt justice to foreigners according to the law merchant, and it was promised that a royal judge would be specially appointed to listen to appeals.

From An Introduction to the Industrial and Social History of England by Cheyney, Edward Potts

The absorption of the law merchant was complete in its main lines although in details it went on for two decades.

From An Introduction to the Philosophy of Law by Pound, Roscoe

Imprisonment for debt, in the law merchant;   forbidden in United States.

From Popular Law-making by Stimson, Frederic Jesup

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 An Introduction to the Philosophy of Law by Pound, Roscoe