law merchant
- 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
- Under the principles of the law merchant, contracts must be freely negotiated between the parties involved.
- Modern commercial practices owe much of their structure to the law merchant that originated from the English common law.
- 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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