CAVEAT EMPTOR
Posted by snowie , Saturday, April 17, 2010 11:13 PM
Another way to say, "let the buyer beware." Also, in other words, consumers need to know their rights and be vigilant in avoiding scams. Generally, caveat emptor is the property law doctrine that controls the sale of real property after the date of closing.
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 or otherwise made material misrepresentations amounting to fraud.
Before statutory law, the buyer had no warranty of the quality of goods. In many jurisdictions now, the law 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 cautions. - definition from Wikipedia
In addition, there are seven implied conditions and warranties to protect the buyers which are:
1)Implied Condition as to Title - section 14(a)
2)Implied Warranty to quiet possession - section 14(b)
3)Implied Warranty against encumbrance or charge - section 14(c)
4)Implied Condition sale by description - section 15
5)Implied Condition of fitness for purpose - section 16(1)(a)
6)Implied Condition of merchantable quality - section 16(1)(b)
7)Implied Condition on sale by sample - section 17
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