Caveat Emptor: Let the Buyer Beware
In the whirlwind bustle of commercial life, where deals are made and changed as often as words in a conversation, an ancient rule still applies—one that every resourceful buyer should have in mind: caveat emptor. The maxim is derived from Latin and can be translated as "let the buyer beware." But what is actually meant by it in a contemporary sense, and how is this rule being interpreted today? In other words, caveat emptor places the burden of discovery on the buyer; it is upon the buyer to make every possible effort in seeking and examining a product before making a purchase. The underlying point is that the buyer should make sure that the product which they desire is exactly to their expectations and specifications. If after making a purchase the product is in some way deficient or misrepresented, a buyer could not impose any liability upon the seller. The principle, in fact, prescribes the due diligence that buyers must do, depending on their own judgments when evaluating...