Caveat Emptor - Buyer Beware
Under the principle of caveat emptor, the buyer could not recover damages from the seller for defects on the property that rendered the property unfit for ordinary purposes. The only exception was if the seller actively concealed latent defects or otherwise made material misrepresentations amounting to fraud.
Before statutory law, the buyer had no express warranty ensuring the quality of goods. Common law requires that goods must be "fit for the particular purpose", but this implied warranty can be difficult to enforce and may not apply to all products. Hence, buyers are still advised to be cautious.
When a sale is subject to this warning the purchaser assumes the risk that the product might be either defective or unsuitable to his or her needs. This rule is not designed to shield sellers who engage in Fraud or bad faith dealing by making false or misleading representations about the quality or condition of a particular product. It merely summarizes the concept that a purchaser must examine, judge, and test a product considered for purchase himself or herself
If both the buyer and the seller are negotiating from equal bargaining positions, however, the doctrine of caveat emptor would apply.
Caveat n. (kah-vee-ott) from Latin caveat for "let him beware".
a warning or caution.
a popular term used by lawyers to point out that there may be a hidden problem or defect. In effect, "I just want to warn you that.."
emptor. A buyer; a purchaser.
The article above is for information purposes and is not legal advice or a substitute for legal counsel.
