Lex Mercatoria is a set of rules that traders have developed to manage their mutual affairs. In principle, trade relations are governed by the rules of private law, the law governing the relationship between private actors.
However, the existing rules of private law have not always been found to suit the specific needs of trade relations, and so in the early Middle Ages, a separate and independent body of law came into being. Because of this, separate courts were started, which were more specialized in commercial matters and which were faster.
Lex Mercatoria Arbitration
Today, there is still a body of law that governs international trade relations. It consists of body treaties, such as the Vienna Convention on International Sale of Goods (1980), and conventions that are not officially binding but still influence the behavior of trading partners (soft law).
Soft law consists of laws that are not binding but are still effective. A common example is the Unidroit Principles of International Trade Agreements.
Arbitration Furthermore, disputes in trade relations are often settled through arbitration, decisions are made by individuals who are not public judges but whose decisions are accepted by the parties who receive their services.
On other forms of mediation and alternative dispute resolution,
Because much of Lex Mercatoria operates outside the traditional framework of nation-states and has relationships with each other and with their legal subjects, it also provides counter-evidence to the full nature of the Westphalia pair.
- Nuisance Law Example – What is a Public Nuisance?
- Proximate Cause – What is the meaning of proximate cause?
- Defamation Law – What is an example of defamation?
- Equity vs equality – What is an example of equity law?
The trend is exemplified by human rights, EU law, and Lex Mercatoria, namely, the many other important legal phenomena that do not fit into the picture of the law that emerged after the Westphalia Peace Accords. Is known from Of Lex Mercatoria in International Trade Law. There may be international law.
To be summarized as a law that has not been enacted or enforced by the nation-states or intended to regulate the conduct of legal subjects within the nation-states or to regulate the interrelationships between the nation-states. do not have. This is a negative feature:
International law is a law that does not apply to the Westphalian duo. The growing importance of this branch of law marks a significant development in the long history of law, which raises new questions about the nature of law.