Dusty Phrases

Dusty

January 30

Hi! Welcome to "Dusty Phrases." You will find below an ancient phrase in one language or another, along with its English translation. You may also find the power to inspire your friends or provoke dread among your enemies.

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Latin:

Caveat emptor

English:

Let the buyer beware

This Latin legal phrase sounds like the kind of warning that you'd be given when purchasing a cute little mogwai. Generally, it encapsulates the general principle that the buyer is responsible for the condition of the property he or she is purchasing. Of course, as this creates an unequal balance of knowledge between the seller and buyer, there are also many statutory protections in place to protect buyers. Nonetheless, the principle is still in place.

What could there be to fear from something as cute and cuddly as this guy?

From wiki:

Caveat emptor (/ˈɛmptɔːr/; from caveat, "may he/she beware", a subjunctive form of cavēre, "to beware" + ēmptor, "buyer") is Latin for "Let the buyer beware". It has become a proverb in English. Generally, caveat emptor is the contract law principle that controls the sale of real property after the date of closing, but may also apply to sales of other goods. The phrase caveat emptor and its use as a disclaimer of warranties arises from the fact that buyers typically have less information than the seller about the good or service they are purchasing. This quality of the situation is known as 'information asymmetry'. Defects in the good or service may be hidden from the buyer, and only known to the seller.

It is a short form of Caveat emptor, quia ignorare non debuit quod jus alienum emit ("Let a purchaser beware, for he ought not to be ignorant of the nature of the property which he is buying from another party.") I.e. the buyer should assure himself that the product is good and that the seller had the right to sell it, as opposed to receiving stolen property.

A common way that information asymmetry between seller and buyer has been addressed is through a legally binding warranty, such as a guarantee of satisfaction.

Explanation

Under the principle of caveat emptor, the buyer could not recover damages 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 express warranty ensuring the quality of goods. In the UK, common law requires that goods must be "fit for the particular purpose" and of "merchantable quality", per Section 15 of the Sale of Goods Act but this implied warranty can be difficult to enforce and may not apply to all products. Hence, buyers are still advised to be cautious.