Which of the following statements best describes the law merchant?
A) The law merchant is a body of law designed to control trade practices.
B) The law merchant is a body of law created by merchant guilds, which was incorporated into the common law.
C) The law merchant was designed to protect consumers from unscrupulous merchants.
D) Our laws relating to consumer protection are derived from the law merchant.
E) The law merchant is another name for the Sale of Goods Act.

Question

Quizplus · Accepted Answer

The law merchant was developed by merchants themselves, rather than by courts or legislatures, and was incorporated into the common law through court decisions. It governed commercial transactions and established rules for resolving disputes between merchants.

Which of the Following Statements Best Describes the Law Merchant