Merchantile Law Law and Legal Definition
Merchantile law refers to the rules applicable in commercial transactions; derived from the practices of traders rather than from the legal system. It involves statutes, cases and customs which deal with trade, sales, buying, selling, transportation, contracts and all forms of business transactions. Much of the law of business transactions is covered by the Uniform Commercial Code, which has been adopted is some form by almost all states. It is also referred to as commercial law.
Some of the issues dealt with include:
- Law of Contract
- Law of Partnership
- Law of Sale of Goods and Hire Purchase
- Law of Negotiable Instruments
- Consumer Protection, Unfair Trade Practices and Company Law