Mary is suing Arthur because he breached a contract to sell her 2,000 tonnes of first-grade steel. There is no legislation that deals with the issue between them. The modern law concerning commercial matters such as this has grown out of the ancient Law Merchant.

Law Merchant

The customs or rules established by merchants to resolve disputes that arose between them, and that were later applied by Common Law judges in cases that came before their courts.

Commercial Matters

Issues or affairs related to commerce, trade, and business activities.

Legislation

Laws or statutes that have been enacted by a governing body to regulate, authorize, sanction, grant, declare, or restrict various actions.