What is caveat emptor?

From what I know, the phrase Caveat Emptor means "let the buyer beware." The Latin term caveat emptor is being used in terms of the contract. You as a buyer bear responsibilities, as stated in the Caveat Emptor rule. Let’s dig in deep to understand in detail what is caveat emptor.

What does caveat emptor means?

As per this concept, the buyer should take precautions when purchasing items and ensure that they are suitable for his purposes. For example, A buys a car from B. The car is required for driving, but it can only be carried in a container. A has no right to refuse the horse or to seek a refund from B.

Caveat emptor meaning in law:

This law was based on the principle that the buyer should be aware of his rights. There are numerous laws in place to safeguard buyer or consumer rights. If harm is done against a consumer's or buyer's rights, there is an alternate option, such as the Consumer Protection Act. So it is concerned with:

• The buyer must use his own knowledge and expertise before purchasing.

• The buyer must be aware of his or her rights.

• The caveat emptor rule is addressed in Section 16 of the Sales of Goods Act of 1930.

Exceptions of caveat emptor:

1. When a product is purchased under a brand name, the seller is not liable for the product's quality, lifespan, or other characteristics.

2. If the things sold under a specification do not meet the conditions, the seller is accountable.

3. The caveat emptor principle does not apply when goods are delivered via a sample.

4. When items are sent with a sample and description, the seller is accountable if the things sold do not match the sample.

5. Regarding compatibility or quality, there is an implied term or condition.

6. If the buyer's permission is acquired through fraud for the purpose of purchasing a thing, the caveat emptor rule does not apply.

Result of the caveat emptor:

When you as a buyer willingly decide what you buy, the caveat emptor rule applies. This does not indicate that you should "take a chance," but rather that you should "take care" if both the buyer and the seller are bargaining from similar negotiations. But, the caveat emptor principle would apply.

Now you know what is caveat emptor.