Code, Custom, and Contract: The Uniform Commercial Code as Law Merchant
46 Pages Posted: 20 Feb 2010
Date Written: February 18, 2010
Rooted in ancient and medieval mercantile experiences, the law of commercial transactions draws from private agreements, customs and usages, and legislation. In this century, three sources – contract, custom and code – have transcended national laws and legal institutions. Codification has occurred on an international scale. In particular, the United Nations Convention on Contracts for the International Sale of Goods (CISG) and Incoterms govern many international commercial transactions.
JEL Classification: K00
Suggested Citation: Suggested Citation