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Simple English definitions for legal terms
Carta Mercatoria
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A quick definition of Carta Mercatoria:
Term: CARTA MERCATORIA
Definition: Carta Mercatoria was a law passed in England in 1303 that gave special privileges to foreign merchants. These privileges included the ability to trade freely throughout England, the right to export their goods, and the freedom to live wherever they wanted. In exchange for these privileges, merchants had to pay customs duties. This law was also known as Statutum de Nova Custuma.
A more thorough explanation:
Definition: Carta Mercatoria was an English statute enacted in 1303 that favored certain foreign merchants. It established various rules that allowed merchants to receive extensive trading rights throughout England, the power to export their merchandise, the liberty to dwell where they pleased, and certain legal rights. In exchange for paying customs duties, merchants were granted these privileges.
Example: A merchant from Italy who paid customs duties could sell their goods in London and live in any part of the city they chose. They could also export their merchandise to other countries without any restrictions. This was a significant advantage for foreign merchants who wanted to do business in England.
Explanation: The example illustrates how Carta Mercatoria granted foreign merchants extensive trading rights and legal privileges in England. It allowed them to conduct business freely and without any restrictions, which was a significant advantage for merchants who wanted to expand their trade in England.