The Growth of Commercial Law
As observed earlier, from the twelfth century onwards there occurred a large-scale expansion of economic activity. The development of towns into major commercial and industrial centres, first in Italy and later in other parts of Europe, stimulated maritime and overland trade, and engendered the introduction of new forms of business enterprise.[729] Since the existing systems of law were no longer adequate to meet the needs of commercial life, informal tribunals were established in many cities by guilds[730] and merchants’ associations.
These tribunals 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 were recognized and applied by secular and ecclesiastical authorities as customary law, and they evolved into a body of internationally recognized law, known as the Law Merchant, which succeeded in penetrating areas where even Roman law met with resistance.[731] This common commercial law, like Roman law and canon law, formed another vital strand in the law of Western Europe, not excluding in this case the law of England.[732]7.6
Source:
Mousourakis G.. Roman Law and the Origins of the Civil Law Tradition. Springer,2015. — 339 p.. 2015
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