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Simple English definitions for legal terms
lex mercatoria
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A quick definition of lex mercatoria:
Lex mercatoria is a type of law that was used by merchants and sailors during the Middle Ages to regulate their business dealings. It was used in many countries around the world until the 17th century. Some of its principles were later included in the common law, which is the basis for the Uniform Commercial Code. Lex mercatoria is also known as commercial law.
A more thorough explanation:
Definition: Lex mercatoria is a Latin term that means "mercantile law." It refers to a system of customary law that developed in Europe during the Middle Ages and regulated the dealings of mariners and merchants in all the commercial countries of the world until the 17th century. This system of law is also known as law merchant.
Examples: The law merchant governed the trade practices of merchants and mariners during the Middle Ages. It established rules for resolving disputes, such as the use of arbitration, and set standards for the quality of goods traded. For example, if a merchant sold a defective product, they could be held liable for damages. These principles were later incorporated into the common law and formed the basis of the Uniform Commercial Code.
Explanation: The examples illustrate how the law merchant was a system of law that governed trade practices during the Middle Ages. It established rules and standards for resolving disputes and ensuring the quality of goods traded. These principles were important for ensuring fair and equitable trade practices and were later incorporated into modern legal systems.