Caveat emptor
Latin for "let the buyer beware." A doctrine that often places on buyers the burden to reasonably examine property before purchase and take responsibility for its condition. Especially applicable to items that are not covered under a strict warranty. See, e.g. SEC v. Zandford, 535 U.S. 813 (2002).
Definition from Nolo’s Plain-English Law Dictionary
Latin for "let the buyer beware." The basic premise is that you are buying a product or property at your own risk and should personally examine and test 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 regarding product liability have come upon the legal landscape, the seller is held to a higher standard of disclosure than "buyer beware" and has responsibility for defects which a buyer cannot note by casual inspection.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:12 pm
