"Caveat Emptor", is a Latin phrase meaning, "let the buyer beware". It is also a concept found in the United States of America as well as Great Britain and the British Commonwealth, which governed real property sales. "Caveat Venditor", is it's opposite, meaning "let the seller beware." While "Caveat Emptor", is a Latin phrase, it has been argued that the phrase was never used in Roman Law, and
. might have first seen use in 1515-1535, in England in a case involving a horse. In principal, "Caveat Emptor", means the buyer takes the risks. It is the buyer's responsibility to be informed. "Caveat Emptor", firmly places more responsibility on the buyer and less responsibility on the seller. The seller is not responsible for the quality of the good purchased unless there is a warranty or guarantee. In other words the buyer must exercise caution and be informed, and must take measures to avoid any scams. For example, in the purchase of a house or used car, it is the buyer's responsibility to make sure the car or property is worth the purchase price. This is because in some places, once the sale is concluded the buyer will not receive a warranty from the seller. In the case of a house, a buyer is the one responsible for hiring a structural engineer to determine if the house is structurally sound, or making sure the contract is written in such a way as to make hiring the engineer the seller's responsibility. If the buyer does not take these measures and the roof is bad, the buyer will most often not get a refund on the house. With the move towards consumer protection rules and regulations, except for the case of things sold "as is" the rule of Caveat Emptor is often voided. In many places, it's opposite, "Caveat Venditor", is the new law of the land. More Reference Links: http://www.merriam-webster.com/dictionary/caveat%20emptor http://www.britannica.com/EBchecked/topic/100648/caveat-emptor
