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Business and Commercial Law: The merchant and the business enterprise · Merchants and Acts of Commerce

Learn where commercial law came from, who counts as a merchant, what an act of commerce is, and the duties merchants carry.

For learning, not legal advice: for your own case, ask a lawyer.

Business and Commercial Law · 21 questions

Try 3 questions

1. Where did commercial law first grow into a distinct body of rules in medieval Europe?

  1. In the royal courts of England
  2. Among traders in Italian city-states
  3. In the church courts of monasteries
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Answer: Among traders in Italian city-states

Merchants in cities like Genoa, Venice and Florence built their own rules and guild courts, which spread along trade routes and fairs.

2. What was the medieval lex mercatoria?

  1. A Roman statute on market taxes
  2. A papal decree regulating interest
  3. Customs that merchants developed for trade
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Answer: Customs that merchants developed for trade

The 'law merchant' was a body of practices created by traders themselves and applied across borders, not a law issued by a ruler.

3. Why did medieval traders prefer merchant courts to ordinary courts?

  1. They ruled quickly and knew trade customs
  2. They imposed harsher criminal punishments
  3. They were run directly by the king
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Answer: They ruled quickly and knew trade customs

A trader at a fair could not wait months for a verdict. Merchant judges decided fast, informally and according to trade usage.

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