Lex Mercatoria Commercial Norms and Practices
Trade expanded and commerce flourished in the thirteenth century as the Renaissance swept from southern Europe. Merchants created an informal set of rules based on their own commercial norms and practices as their firm grew. These laws, known as the lex mercatoria, or merchant law, established the standard for settling commercial disputes in merchant courts that emerged along key trade routes. Uniform rules minimized uncertainty among international merchants conducting business in the area, which was one of its main benefits.