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Encyclopedia > Caveat emptor

Caveat emptor is Latin for "Let the buyer beware". Latin is an ancient Indo-European language originally spoken in Latium, the region immediately surrounding Rome. ...


Generally Caveat Emptor was the property law doctrine that controlled the sale of real property after the date of 'closing'. This article or section does not adequately cite its references or sources. ...


Explanation

Under the doctrine of Caveat Emptor, the buyer could not recover 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. The modern trend, however, is one of the Implied Warranty of Fitness that applies only to the sale of new residential housing by a builder-seller and the rule of Caveat Emptor applies to all other sale situations (i.e. homeowner to buyer). A buyer, sometimes called a merchandiser, is a person who purchases finished goods, typically for resale, for a firm, government, or organization. ... Sales, or the activity of selling, forms an integral part of commercial activity. ... In common law jurisdictions, an implied warranty is a contract law term for certain assurances that are presumed to be made in the sale of products or real property, due to the circumstances of the sale. ...


Before statutory law, the buyer had no warranty of the quality of goods. In many jurisdictions, the law now requires that goods must be of "merchantable quality". However, this implied warranty can be difficult to enforce, and may not apply to all products. Hence, buyers are still advised to be cautious. To meet Wikipedias quality standards, this article or section may require cleanup. ... In commercial and consumer transactions, a warranty is an obligation that an article or service sold is as factually stated or legally implied by the seller, and that often provides for a specific remedy such as repair or replacement in the event the article or service fails to meet the...


In addition to the quality of the merchandise, this phrase also applies to the return policy. In most jurisdictions, there is no legal requirement for the vendor to provide a refund or exchange. In many cases, the vendor will not provide a refund but will provide a credit. In the case of software, movies and other copyrighted material many vendors will only do a direct exchange for another copy of the exact same title. Most stores require proof of purchase and impose time limits on exchanges or refunds; however, some larger chain stores will do exchanges or refunds at any time with or without proof of purchase. Merchants function as professionals who deal with trade, dealing in commodities that they do not produce themselves, in order to produce profit. ... a money back guarantee is essentially a simple guarantee that, if a buyer is not satisfied with a product or service, a refund of the monies or consideration paid will be made. ... Credit as a financial term, used in such terms as credit card, refers to the granting of a loan and the creation of debt. ... It has been suggested that this article or section be merged with Computer program. ... Film is a term that encompasses individual motion pictures, the field of film as an art form, and the motion picture industry. ... Articles with similar titles include copywrite. ... A proof of purchase is typically some portion of the package of consumer goods, and is defined by the products manufacturer. ... Chain stores are a range of retail outlets which share a brand and central management, usually with standardised business methods and practices. ...


This phrase has given rise to many informal variations, such as caveat reader (properly expressed in Latin as caveat lector). Caveat lector is a Latin phrase meaning Let the reader beware. ...


Caveat emptor has also been used by software documentors to entitle their collection of software functioning oddities or stumbling blocks in usage.


Caveat venditor

Caveat venditor is Latin for "let the seller beware". Latin is an ancient Indo-European language originally spoken in Latium, the region immediately surrounding Rome. ...


It is a counter to caveat emptor, and suggests that sellers too can be deceived in a market transaction. This forces the seller to take responsibility for the product, and discourages sellers from selling products of unreasonable quality.


In the landmark case of MacPherson v. Buick Motor Co. (1916), New York Court Appeals Judge Benjamin N. Cardozo established that privity of duty is no longer required in regards to a lawsuit for product liability against the seller. This case is predominantly regarded as the origin of caveat venditor as it pertains to modern tort law in US. MacPherson v. ... The Court of Appeals is New Yorks highest appellate court, created in 1847, replacing the Court for the Trial of Impeachments and the Correction of Errors. ... Benjamin Nathan Cardozo (May 24, 1870–July 9, 1938) is considered one of the greatest American jurists, and is remembered not only for his landmark decisions on negligence but also his modesty, philosophy and writing style, which is considered remarkable for its prose and vividness. ... In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. ...


External links

  • MacPherson v. Buick Motor Company (Opinion of the Court)

  Results from FactBites:
 
caveat emptor - definition of caveat emptor in Encyclopedia (247 words)
Caveat emptor is Latin for "let the buyer beware".
When making a purchase, always check the return policy and if you do not like the stores policy, vote with your feet and take your business elsewhere.
This phrase has given rise to many informal variations, such as caveat reader (properly, caveat lector).
  More results at FactBites »

 
 

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