'LEX MERCATORIA' (medieval merchant law) and modern transnational commercial law:

1. LEX MERCATORIA (Latin: 'merchant law') refers to the medieval body of commercial law developed by merchants themselves — independent of state law. 2. CHARACTERISTICS: transnational, based on commercial practice, customary, arbitrated by merchant courts. 3. INSTITUTIONS: medieval fairs (Champagne fairs), guild courts. 4. MODERN TRANSNATIONAL COMMERCIAL LAW — sometimes called 'NEW LEX MERCATORIA': 5. (i) UNIDROIT PRINCIPLES of International Commercial Contracts (1994, revised 2010, 2016) — international contract law; 6. (ii) CISG (Convention on Contracts for the International Sale of Goods 1980) — UN Convention; 7. (iii) UCP 600 (Uniform Customs and Practice for Documentary Credits) — ICC publication; 8. (iv) INCOTERMS (International Commercial Terms) — trade terms; 9. (v) ARBITRATION practice — ICC, LCIA, SIAC, MCIA, etc.; 10. (vi) HARMONIZATION through model laws. 11. STUDIED in transnational commercial law programs, e.g. at NLSIU's transnational commercial law course. 12. Hence option B is correct. _Source: Legal Research Methodology + Jurisprudence — Lex Mercatoria; UNIDROIT Principles; CISG_