What does Caveat Emptor mean?

Caveat Emptor is a Latin phrase that translates to "let the buyer beware." This principle places the responsibility on the buyer to perform due diligence before making a purchase. Under this doctrine, if a buyer fails to investigate the condition or value of a product or property before buying it, they usually cannot hold the seller responsible for any defects or issues with the item.

The importance of this concept is highlighted in many transactions, particularly in real estate and second-hand goods, where the buyer is expected to thoroughly inspect the product and ask questions. If a buyer does not take these steps and later finds faults or defects, they generally have limited recourse against the seller.

In contrast, other options focus on responsibilities that may not align with the fundamental principle of Caveat Emptor. Emphasizing "let the seller beware," for instance, shifts the focus to the seller’s liabilities, which is not consistent with the buyer-centered nature of this doctrine. Therefore, recognizing "let the buyer beware" encapsulates the essence of Caveat Emptor accurately.