This Part deals with how market pressures give rise to generally similar legal structures, employing the medieval Law Merchant (an oft-cited example) to illustrate the process.

Or they may choose to have customary law, as it has evolved and developed under the modern law merchant, to govern their contracts instead.

The historic role and influence of the law merchant provides a broad context for understanding negotiability under the code.

determine the law merchant and incorporate it into the larger corpus

various branches of the law of nations, including the law merchant (or

Cooter, Decentralized Law for a Complex Economy: The Structural Approach to Adjudicating the New Law Merchant, 144 U.

Bewes's The Romance of the Law Merchant first advanced this view.

Lex mercatoria, or the Law Merchant, was the legal doctrine developed in the Middle Ages by special local courts in Britain and elsewhere.

However, that effort may stall it commercial parties believe that the rules in the new law merchant are too open-textured, allowing too much judicial intervention in contracting practices.

(18) In the early twentieth century, almost forty years before the articulation of the modern lex mercatoria concept, the aptly entitled book The Romance of the Law Merchant

Globalization and the consequent transnationalization of private law which led in commerce and finance to the re-emergence of a modern law merchant or new lex mercatoria, gave custom, however, a reinvigorated role as an independent source of law, although it still competes with other sources of law, including statist laws of a private or regulatory nature.

This legal tradition included the voluntary Law Merchant and the codes of the free cities.

The UCC is based on business necessity and is an effective alternative to complete federalization to the law merchant. The best way to limit gun makers'/sellers' vicarious liability is to amend the pertinent sections of the UCC.

During this period of transit and voyage, the bill of lading by the law merchant is universally recognised as its symbol; and the indorsement and delivery of the bill of lading operates as a symbolical delivery of the cargo."