law merchant

[LouriiscreAdumb]

the body of rules applied to commercial transactions; derived from the practices of traders rather than from jurisprudence

[sastergri]

Law merchant, also known as lex mercatoria, refers to a body of commercial law used by merchants throughout Europe during the medieval period. It is a system of law that evolved based on common trade practices and customs among traders, which was eventually adopted into national and international law. This system includes principles and rules related to transactions, contracts, payment systems, bills of exchange, partnerships and other issues related to commerce.