law merchant

Definition of "law merchant"
  1. A range of commercial norms that emerged from the English common law, which have played a profound role in shaping contemporary commercial law. These norms supplement regulatory provisions outlined in the Uniform Commercial Code and state-level codes
How to use "law merchant" in a sentence
  1. Under the principles of the law merchant, contracts must be freely negotiated between the parties involved.
  2. Modern commercial practices owe much of their structure to the law merchant that originated from the English common law.
  3. The law merchant serves to supplement the regulations stated in the Uniform Commercial Code, adding depth and nuance to commercial law.

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