Lex mercatoria, or the Law Merchant, was a body of medieval European commercial custom that evolved much as English common law did, as a system of practice enforced through merchant courts operating along the principal trade routes. Merchants adopted it voluntarily across political borders, valuing its emphasis on contractual flexibility and property rights over legal formality. It played a significant part in reviving European commerce after the decline of the Roman Empire by giving traders from different backgrounds neutral, shared rules for doing business with one another. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
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1. Wikipedia: Lex mercatoria
evolved similar to English common law as a system of custom and best practiceView the Source Lex mercatoria (Wikipedia)
In Group: Customary and Folk Law of Medieval Europe, Introduction, sentences 1-2Quote, In Group: Customary and Folk Law of Medieval Europe, Introduction, sentences 1-2
Lex mercatoria (from Latin for "merchant law"), often referred to as "the Law Merchant" in English, is the body of commercial law used by merchants throughout Europe during the medieval period. It evolved similar to English common law as a system of custom and best practice, which was enforced through a system of merchant courts along the main trade routes.
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