Caveat Emptor
Caveat emptor, meaning "let the buyer beware," emphasizes the buyer's responsibility to inspect goods before purchase, highlighting the importance of due diligence.
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Definition
Caveat emptor is a Latin phrase meaning "let the buyer beware."
Purpose
This principle places the onus on buyers to perform due diligence before making a purchase. It suggests that buyers are responsible for checking the quality and suitability of goods before a transaction is completed.
Examples of Use
- Real Estate Transactions: Buyers must inspect properties for potential issues before purchase.
- Second-Hand Goods: Consumers should examine used items carefully to avoid defects.
- Online Purchases: Shoppers need to review product descriptions and seller ratings.
Related Terms
- Due Diligence: The investigation or audit of a potential investment or product.
- Consumer Protection: Laws and regulations designed to safeguard buyers.
- Warranty: A guarantee provided by the seller regarding the condition of the product.
Notes
While caveat emptor remains a guiding principle in many transactions, consumer protection laws have been established to ensure fair practices and provide recourse for buyers in cases of fraud or misrepresentation.
Related Terms
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