Let the Buyer Beware: Caveat Emptor

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Caveat emptor is Latin for "Let the buyer beware" (from caveat, "may he beware", the subjunctive of cavere, "to beware" + emptor, "buyer"). Generally, caveat emptor is the property law principle that controls the sale of real property after the date of closing, but may also apply to sales of other goods. Under the principle of caveat emptor, the buyer could not recover damages from the seller for defects on the property that rendered the property unfit for ordinary purposes. The only exception was if the seller actively concealed latent defects or otherwise made material misrepresentations amounting to fraud. Before statutory law, the buyer had no express warranty ensuring the quality of goods. Common law requires that goods must be "fit for the particular purpose" and of "merchantable quality", but this implied warranty can be difficult to enforce and may not apply to all products. Hence, buyers are still advised to be cautious.1 Definition of 'Caveat Emptor'

A Latin phrase for "let the buyer beware." The term is primarily used in real property transactions. Essentially it proclaims that the buyer must perform their due diligence when purchasing an item or service.

Investopedia explains 'Caveat Emptor'
In other words, consumers need to know their rights and be vigilant in avoiding scams. For example in the private purchase of a used car, caveat emptor places an onus on the buyer to make sure the car is worth the purchase price. This is because once the transaction is complete the buyer will not receive a warranty or return option from the seller. As per Advanced Law Lexicon by P. Ramanatha Aiyar, 3rd Edition. 2005 at page 721: Caveat emptor means "Let the purchaser beware." It is one of the settled maxims, applying to a purchaser who is bound by actual as well as constructive knowledge of any defect in the thing purchased, which is obvious, or which might have been known by proper diligence. This maxim is used with reference to sale or sales of the...
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