The Lex Mercatoria was the unified trade law of medieval merchants. The research project examines the tenability of this thesis. One focus is on the theoretical foundation of the thesis of international merchants being able to create their own law. Furthermore the practical applicability of the lex mercatoria-doctrine is explored. In view of the increasing globalization of the world economy the harmonization and unification of commercial law has gained increasing significance in the past years both on the European and the global level.
Uniform law avoids the uncertainties connected with the use of conflict of laws rules.
At the same time, putting parties on an equal footing with respect to their knowledge of the applicable law results in a substantial reduction of transaction costs. There are close links between this area of legal research and International Contract Law and Comparative Law . Comparative Law Publications Comparative Law is not seen as an abstract academic subject. Rather, the comparative method pursues a triple aim. It provides the methodological foundations for the analysis of international contract law and the theory of a transnational trade law, a modern lex mercatoria .