Caveat emptor

Last week, lecturer mentioned something that I feel quite important for everyone to know, Caveat emptor. The term ‘Caveat emptor’, is Latin for “Let the buyer beware”. Generally, it is the property law doctrine that controls the sale of real property after the date of closing.

Take a look at this: :D

Well, here is the short and clear explanation about ‘Caveat emptor’ taken from the book by Gerald N. Hill and Kathleen T. Hill. 

The basic premise that the buyer buys at his/her own risk and therefore should examine and test a product himself/herself for obvious defects and imperfections. Caveat emptor still applies even if the purchase is “as is” or when a defect is obvious upon reasonable inspection before purchase. Since implied warranties and consumer protections have come upon legal landscape, the seller is held to a higher standard of disclosure than “buyer beware” and has responsibility for defects which could not be noted by casual inspection ( particularly since modern devices cannot be tested except by use, and so many products are pre-packaged).