Accounting Dictionary
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Mercantile Law
Definition: Mercantile law is an assemblage of customs and practices governing a broad range of business practices at the local and international levels. It generally sets forth the rights, responsibilities, and liabilities of the parties involved in business events. Among other areas, mercantile law addresses the following topics:
- Contracts
- Copyrights
- Franchising
- Insurance
- Licensing
- Patents
- Transport of goods
In short, mercantile law involves all aspects of buying and selling.
Mercantile law is designed to provide guidelines for how to deal with each of the preceding types of business transactions. It also provides for considerable standardization of the legal underpinnings of business transactions.
Mercantile law changes over time, due to legislative changes, case law, and long-term trends in usage.
The version of mercantile law in the United States is known as the Uniform Commercial Code.
Similar Terms
Mercantile law is also known as commercial law.