Caveat emptor

Caveat emptor /ˌkævɛɑːt ˈɛmptɔːr/ is Latin for "Let the buyer beware" (from caveat, "may he beware", a subjunctive form of cavēre, "to beware" + ēmptor, "buyer"). 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 arise from the fact that buyers typically have less information about the good or service they are purchasing, while the seller has more information. The quality of this situation is known as 'information asymmetry'. Defects in the good or service may be hidden from the buyer, and only known to the seller.

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. But without such a safeguard in place the ancient rule applies, and the buyer should beware.

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.

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