Caveat emptor is a Latin expression meaning “Let the buyer beware.” The age-old principle of caveat emptor is a legal concept developed in common law that sets out that purchasers buy at their own risk. The source of this doctrine is derived from the principles of contract law and the unwillingness of the courts to imply conditions and warranties in a contract regarding the quality and fitness of a good or real estate sold by a vendor to a purchaser, thereby sheltering the vendor from liability. The underlying principle behind caveat emptor is that the purchaser must use his or her knowledge to be careful when making a purchase. Originally, the doctrine was applicable in the sale of goods and real estate.

Although the origin of ...