Law Merchant - Law Dictionary Search Results
Home Dictionary Name: law merchantLaw merchant
Law merchant [lex mercatoria, Lat.], that part of the law of England which governs mercantile transactions. It is founded upon the general custom of merchants of all nations, which, though different from the general rules of the Common Law, has been gradually engrafted into it and made to form part of it. See Introduction to Smith's Merc. Law.Law merchant, means 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. Many of the law merchant's principles came to be incorporated into the common law, which in turn formed the basis of the Uniform Commercial Code. Also termed commercial law: lex mercatoria, Black's Law Dictionary, 7th Edn., p. 893....
law merchant
law merchant : the commercial rules developed under English common law that influenced modern commercial law and that are referred to as supplementing rules set down in the Uniform Commercial Code and in state codes ...
Common Law
Common Law [lex communis, Lat.]. 'The phrase 'common law' is used in two very different senses. It is cometimes contrasted with equity; it then denotes the law which, prior to the Judicature Act, was administered in the three ' superior ' Courts of law at Westminster, as distinct from that administered by the Court of Chancery at Lincoln's Inn. At other times it is used in contradistinction to the statute law, and then denotes the unwritten law, whether legal or equitable in its origin, which does not derive its authority from any express declaration of the will of the Legislature. This unwritten law has the same force and effect as the statute law. It depends for its authority upon the recognition given by our Law Courts to principles, customs, and rules of conduct previously existing among the people. This recognition was formerly enshrined in the memory of legal practitioners and suitors in the Courts; it is now recorded in the voluminous series of our law reports which embody the d...
Staple
Staple, a public mart which anciently was appointed by law to be held in Westminster, Newcastle, Bristol, and other places. A Court was held before the mayor of the staple, which court was governed by the law merchant. It appears from Statute 14 Ric. 2, that the staple goods of England then were wool, woolfells, leather, lead, tin, cloth, butter cheese, etc....
Policies of Insurance, Court of
Policies of Insurance, Court of. It was erected in pursuance of 43 Eliz. c. 12, which enabled the Lord Chancellor yearly to grant a standing commission to the Judge of the Admiralty, the Recorder of London, two doctors of the civil law, two common lawyers, and eight merchants; any three of whom, one being a civilian, or a barrister, were thereby, and by 13 & 14 Car. 2, c. 23, empowered to determine in a summary way all causes concerning policies of insurance in London, with an appeal by way of bill to the Court of Chancery. It had been long wholly disused in Blackstone's time, and both the above Acts were repealed by (English) Stat. Law Rev. Act, 1863....
Foreign Bill of Exchange
Foreign Bill of Exchange, a bill which is not an inland bill. See INLAND BILL. Before 19 & 20 Vict. c. 97, a bill drawn in one part of the United Kingdom, as England, on a person in another part, as Ireland or Scotland, was deemed a foreign bill; but this was altered by s. 7 of that Act, of which the effect is reproduced by s. 4 of the (English) Bills of Exchange Act, 1882. By the law of merchants, the holder of a foreign bill is obliged to protest it for non-payment, and also for non-acceptance, whenever notice of such non-acceptance is necessary. See Chitty, Byles, Bayley, or Chalmers, on Bills....
Maritime law
Maritime law, the law relating to harbours, ships, and seamen. An important branch of the commercial law of maritime nations; divided into a variety of departments, such as those about harbours, property of ships, duties and rights of masters and seamen, contracts of affreightment, average salvage, etc. No system or code of maritime law has ever been issued by authority in Great Britain. The laws and practices that now obtain amongst us have been founded on the practice of merchants, the principles of the Civil Law, the laws of Oleron and Wisby the works of juris-consults, the judicial decisions of our own and foreign countries, etc. though still susceptible of amendment, our system corresponds more nearly than any other system of maritime law with those universally recognised principles of justice and general convenience on which merchants and navigators should act.The decisions of Lord Mansfield did much to fix the principles and to improve and perfect the maritime law of England. It...
warranty of merchantability (fitness for a particular purpose)
warranty of merchantability (fitness for a particular purpose) A promise arising by operation of law that something sold shall be merchantable and fit for the purpose required. Source: FindLaw ...
Dangerous goods
Dangerous goods, Act as to the carriage and deposit of, 29 & 30 Vict. c. 39, repealed by the Explosives Act, 1875. See EXPLOSIVE SUBSTANCES; Bamfield v. Goole Transport Co., (1910) 2 KB 94; and Dominion Natural Gas Co. v. Collins,1909 AC 640. As to the sale of dangerous goods, see Clarke v. Army & Navy Co-operative Soc., (1903) 1 KB 155.In Merchant Shipping Act, 1894 (s. 446) 'Dangerous goods', is defined to mean 'acqua fortis, vitriol, naphta, benzine, gunpowder, lucifer matches, nitroglycerine, petroleum, any explosives within the meaning of the Explosives Act, 1875, and any other goods which are of a dangerous nature.Means any article or substance which is capable of posing significant risk to health, safety or property when carried by air, Air Navigation (Dangerous Goods) Regulation, 1985, SI 1985/1939, reg. 3(1) (UK), Halsbury's Laws of England (2), para 1654, p. 810.Means goods designated as dangerous goods by safety regulations under the Merchant Shipping Act, 1995, s. 87(5) (UK...
Merchant shipping
Merchant shipping. The Acts relating to Merchant Shipping have been twice consolidated: first, in 1854, by 17 & 18 Vict. c. 104; and, secondly, in 1894, by the (English) Merchant Shipping Act, 1894 (57 & 58 Vict. c. 60), which contains 748 ss. and 22 schedules, the 22nd Schedule containing 48 repealed enactments.By s. 713 of the (English) Act the Board of Trade exercises a general control over merchant shipping. Additions and amendments have been made to the Act of 1894 by various Acts, the most important of which re: the Merchant Shipping Acts, 1906,1907, 1911, 1920, and 1921; the Merchant Shipping (Stevedores and Trimmers) Act, 1911; the Merchant Shipping (Seamen's Allotment)Act, 1911; the Marine Conventions Act, 1911; Merchant Shipping (Certificates) Act, 1914; Merchant Shipping (Salvage)Act, 1916; Merchant Shipping (Wireless Telegraphy)Act, 1919; Merchant Shipping Acts (Amendment) Act, 1923; Fees (Increase) Act, 1923; Merchant Shipping (International Labour Conventions) Act, 1925; ...
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