Lex Mercatoria, the Law Merchant, generally refers to the custiomary law governing European commercial interactions during the medieval period. Despite its customary nature, however, the Law Merchant constituted a true system of law in the sense defined by Hart (1961), as there were well known "primary rules of obligation" along with obvious and effective "secondary rules" or institutions to induce recognition of, resolve disputes under, and facilitate change in primary rule.
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Paper provided by Department of Economics, Florida State University in its series Working Papers with number
1996_09_03.
Find related papers by JEL classification: K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
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