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TeachMeFinance.com - explain Law merchant historic definition... Law merchant -- The body of commercial usages or rules recognized by civilized nations as regulating the rights of persons engaged in trade. historic accounting definition (British)... Law merchant, mercantile law, or lex mercatoria all meaning the same thing is, in a general sense, that body of usages and customs recognised amongst merchants and gradually incorporated in and added to the common law of the realm. Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.