What does caveat emptor mean?

Answer 1

Caveat Emptor is a Latin phrase which means "let the buyer beware".

What it implies is that it is the purchaser's duty to ensure that an item they are buying is right for them, and that it will do the job.

In the days before consumer legislation was passed in many countries, the seller of an item was under no legal obligation to the customer if the item was faulty, or if it didn't do what the seller claimed it could.
Let the buyer beware.

Answer 2

In translation it's Latin for 'Let the buyer beware'. It allows for the buyer of property to take responsibility for a purchased items condition. This warns the purchaser that the product they are buying is to be sold 'as is'. When a product is sold 'as is' or 'caveat emptor', whatever defect, or poor condition the item is in when purchased, becomes the responsibility of the buyer.