Caveat emptor - buyer beware and exceptions

Article Summary

"Caveat Emptor," is a Latin term meaning "let the buyer beware," in the context of consumer law and sales.

This article explains that Caveat Emptor places the responsibility on buyers to be aware of the risks associated with a purchase and understand that they buy at their own risk, particularly when purchasing from private individuals.

The principle does not apply to sellers in the business of selling, as consumer protection laws often come into play in those cases.

Under Caveat Emptor, buyers are responsible for inspecting products and assessing their quality before purchase.

Sellers generally do not have an obligation to disclose defects, unless required by law.