begin quotes:
caveat emptor
/ˌkavēˌät ˈem(p)ˌtôr/
"Caveat emptor" is a Latin phrase that translates to "let the buyer beware."
It
is a long-standing legal and commercial principle meaning that the
purchaser is responsible for checking the quality, condition, and
suitability of a product before buying it. When this rule applies, the
buyer assumes the risk of any defects and cannot hold the seller
responsible unless the seller engaged in fraud or actively concealed a
known flaw.
How It Works in Practice
- Due Diligence: The buyer is expected to reasonably inspect the item or property before making a purchase.
- "As-Is" Sales: It frequently applies when goods or real estate are sold "as is," meaning the seller is providing no warranties about the item's condition.
- Real Estate: In some jurisdictions, the real estate market operates entirely under caveat emptor, placing the burden on the homebuyer to discover any property defects before closing the deal.
Important Exceptions
To learn more about your rights as a consumer, you can review consumer protection guidelines published by the Legal Information Institute or general protections detailed on ConsumerAffairs.
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Caveat emptor
Caveat
emptor is Latin for "Let the buyer beware". It has become a proverb in
English. Generally, caveat emptor is the contract law principle that
controls the sale of real property after the date of closing, but may
also apply to sales of other goods.
Source:Wikipedia
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