What is the meaning of "caveat emptor"?

"Caveat emptor" is a Latin phrase that translates to "let the buyer beware." This principle signifies that the buyer must take responsibility for examining and ensuring the quality of the goods or services before making a purchase. It traditionally places the onus on the buyer to be cautious and informed in transactions, meaning they should conduct due diligence and be aware that sellers may not always disclose potential defects or issues.

The concept emphasizes the importance of prudence on the part of the buyer, whose interests may not be adequately protected by the law in certain transactions. Therefore, understanding that this phrase underscores the need for buyers to be vigilant is key to grasping its significance in commerce and consumer protection.