Definition of Caveat emptor:
The term is commonly used in real property transactions–as it relates to the sale of real estate property after the date of closing–but it also applies to the transactions of other types of goods, such as cars.
Caveat emptor is a Latin phrase that can be roughly translated in English to "let the buyer beware." While the phrase is sometimes used as a proverb in English, it is also sometimes used in legal contracts as a type of disclaimer. In many jurisdictions, it is the contract law principle that places the onus on the buyer to perform due diligence before making a purchase.
The principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.
Tacit warning to the buyers that the sellers are not bound to volunteer negative information about the items they are selling. It is assumed that (unless the seller gives express warranty) the buyer takes all risk of any loss due to defects in the goods or property being bought. Latin for, let the buyer beware. Mirror image of caveat venditor.
How to use Caveat emptor in a sentence?
- A caveat emptor disclaimer is intended to resolve disputes that arise from information asymmetry, a situation in which the seller has more information than the buyer about the quality of a good or service.
- I never trust people who try to sell me products with caveat emptor disclaimers and who have never even used the product themselves.
- Caveat emptor is a Latin phrase that can be roughly translated in English to "let the buyer beware.".
- While he was sure he had learned a valuable lesson from purchasing the overpriced hotel room with an ocean view, he had to admit that learning the truth of the phrase caveat emptor was hardly worth the three-mile hike in his swimsuit.
- Property investment comes with the inherent risk of caveat emptor , therefore it is important to learn as much as possible about the property prior to purchase.
- While the phrase is sometimes used as a proverb in English, the principle of caveat emptor is also sometimes used in legal contracts as a type of disclaimer.
- Caveat emptor still applies when you are buying your house.
Meaning of Caveat emptor & Caveat emptor Definition