/lɔ ʌv ˈmɜːrʧənts/ – Phrase
Definition: xch mercantile law.
A more thorough explanation: The legal English definition of the term “law of merchants” refers to a body of customary rules and practices that govern commercial transactions and trade among merchants. This body of law, also known as the “lex mercatoria,” developed over time to regulate business dealings and resolve disputes in a consistent and efficient manner within the merchant community. The law of merchants is based on principles of fairness, reasonableness, and commercial custom, and it often supplements or even supersedes national laws in matters of international trade and commerce.
Example: The law of merchants, also known as the lex mercatoria, governs commercial transactions between businesses and sets out rules for trade practices and contracts.