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Commercial law

As has been noted earlier, from the twelfth century onwards there occurred a large-scale expansion of economic activity. Once small towns developed into major commercial and industrial centres, maritime and overland trade was stimulated, and new forms of business enterprise were introduced.

Since the existing systems of law were no longer adequate to meet the needs of commercial life, in many cities informal tribunals were established by guilds and merchants' associations which heard cases by summary process and in accordance with rules that were practical, fair and based upon the usages actually observed by businessmen in their dealings with one another. These rules came to be recognised and applied by secular and ecclesiastical authorities as customary law and, in the course of time, they evolved into a body of internationally recognised law, the Law Merchant. This common commercial law of Europe, like Roman law and canon law, played an important part as a further universalising factor in the development of what we now think of as the civil law tradition.[1377]

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Source: Mousourakis George. The Historical and Institutional Context of Roman Law. Routledge,2003. — 480 p.. 2003

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  4. CHAPTER IV. THE SLAVE AS MAN. NON-COMMERCIAL RELATIONS.
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