What is the meaning of the Doctrine Of Caveat Emptor?

Answer 1

Caveat emptor is latin for "let the buyer beware". It is an ancient doctrine that the purchaser buys at their own risk. In certain situations the buyer can cancel the sale and get their money back.

It is best to check your state laws. In the United States, that doctrine has been watered down by consumer protection laws, case law that imposes implied warranties and some buyer protections, especially consumer protection sections of state codes, that give an imprudent, careless or naive buyer more protection in certain cases.

CAVEAT EMPTOR, or buyer beware, can carry a seller just so far. It may work when a private owner sells an old junker "AS IS". However, in other instances a savvy consumer can use several legal principles to counter the doctrine of caveat emptor:

• fraudulent or negligent misrepresentation
• unfair business practices
• if the product or services do not meet reasonable levels of merchantibility or practice standards
• reasonable expectations
• special state consumer laws that protect consumers such as lemon laws or demand letters