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, part of 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, also known as lex mercatoria, originated as a body of commercial law and customs developed by merchant guilds during the medieval period. It was designed to facilitate trade by providing a set of rules and standards that were recognized across different regions and countries. Over time, parts of the law merchant were incorporated into the common law, making it a foundational element of modern commercial law systems.

Which of the Following Statements Best Describes the Law Merchant