NationMaster - 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, 1870â€“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. ...

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Legal doctrines

Attractive nuisance · Calculus of negligence · Caveat emptor · Caveat venditor · Contra proferentem · Duty of care · Eggshell skull · Fair use · First-sale doctrine · Good-faith exception · Living tree doctrine · Ignorantia juris non excusat · Implied powers · Implied terms of a contract · Odious debt · Plain view doctrine · Proximate cause · Res ipsa loquitur · Sovereign immunity · Stare decisis or Precedence rule · Standard of care · Unclean hands · Vicarious liability · Clean hands doctrine Contra preferendum Good-faith exception Living tree doctrine Plain view doctrine Implied terms of a contract Stare decisis or Precedence rule Ignorantia juris non excusat Sovereign Immunity Fair Use Odious Debt First Sale Doctrine Doctrine of implied powers Caveat Emptor Attractive nuisance doctrine Duty of care Standard... Under the attractive nuisance doctrine of the law of torts, a landowner may be held liable for injuries to children trespassing on the land if the injury is caused by a hazardous object or condition on the land that is likely to attract children, who are unable to appreciate the... In the United States, the calculus of negligence or learned hand rule is a term coined by Judge Learned Hand and describes a process for determining whether a legal duty of care has been breached (see negligence). ... It has been suggested that caveat venditor be merged into this article or section. ... Contra preferendum or contra preferentem is the rule in contract law that is applied when interpreting a clause, especially an exclusion clause, in an action that says that, where ambiguity as to a terms meaning exists, it should be read against the party who wrote it. ... In law, a duty of care is the legal requirement that a person exercise a reasonable standard of care to prevent injury of others. ... The eggshell skull rule (or thin-skull rule) is a legal doctrine used in both tort law and criminal law that holds an individual liable for all consequences resulting from their activities leading to an injury to another person, even if the victim suffers unusual damages due to a pre... For fair use in trademark law, see Fair use (US trademark law). ... The first-sale doctrine is an exception to copyright codified in the US Copyright Act, section 109. ... In United States constitutional law, the good-faith exception (also good-faith exemption) is a legal doctrine providing an exemption to the exclusionary rule. ... The living tree doctrine is a doctrine of constitutional interpretation that says that a constitution is organic and must be read in a broad and liberal manner so as to adapt it to the changing times. ... It has been suggested that presumed knowledge of the law be merged into this article or section. ... The necessary and proper clause (also known as the elastic clause, the basket clause, the coefficient clause, and the sweeping clause [1]) refers to a provision, in Article One of the United States Constitution at section eight, clause 18, which addresses implied powers of Congress. ... A contract is a promise or an agreement that is enforced or recognized by the law. ... Odious debt is debt which is incurred by a regime for purposes which do not serve the interest of the state. ... The plain view doctrine allows an officer to seize without a warrant, evidence and contraband found in plain view during a lawful observation. ... In the law, a proximate cause is an event sufficiently related to a legally recognizable injury to be held the cause of that injury. ... Res ipsa loquitur is a legal term from the Latin meaning literally, The thing itself speaks but is more often translated The thing speaks for itself. The doctrine is applied to tort claims which, as a matter of law, do not have to be explained beyond the obvious facts. ... Sovereign immunity or crown immunity is a type of immunity that, in common law jurisdictions traces its origins from early English law. ... Stare decisis (Latin: , Anglicisation: , to stand by things decided) is a Latin legal term, used in common law to express the notion that prior court decisions must be recognized as precedents, according to case law. ... Precedence is a simple ordering, based on either importance or sequence. ... In tort law, the standard of care is the degree of prudence and caution required of an individual who is under a duty of care. ... This article or section does not cite its references or sources. ... Vicarious liability is a form of strict, secondary liability that arises under the common law doctrine of agency â€“ respondeat superior â€“ the responsibility of the superior for the acts of their subordinate, or, in a broader sense, the responsibility of any third party that had the right, ability or duty to...