An Analysis of Principles of European Contract Law as an Autonomous/Universal Lex Mercatoria

Abstract

This article explores the very thought of Principles of European Contract Law as an autonomous lex mercatoria and at the same time an attempt is made to explore Principles of European Contract Law as universal lex mercatoria. In the process of exploring the both possibilities the author looks into the background and intent of lex mercatoria and its evolution till the present day and concludes that Principles of European Contract Law is an autonomous lex mercatoria confined to the European Union. Besides the above exploration an attempt is also made to answer an important question i.e., Whether the Principles of European Contract Law could be regarded as an autonomous lex mercatoria or, if not can they be regarded as part of the universal lex mercatoria.

Keywords: Lex Mercatoria, Principles of European Contract Law, Universal Lex Mercatoria, Autonomous Lex Mercatoria

JEL Classification: K12