Question

How to practice caveat emptor?

Answer 1

1. Under the principle of caveat emptor, a consumer purchases a coffee mug and later discovers that it has a leak he has no choice other than to keep with him.
2. According to their principle, the buyer should have been cautious and should have thoroughly examined the product to check the defect if any.
3. A more common example is a used car transaction between two private parties, (as opposed to a dealership in which sale is subject to an implied warranty)
4. The buyer must assume the responsibility of thoroughly reaching and inspecting the car by taking it to a mechanic for a closer look before finalizing the sale.
5. But the “caveat emptor” principle cannot be applied where the car is bought fresh as a brand new car from the showroom as the deal in governed by a warranty of certain years.