18:55
@RoyalReadyKiwi: lessgo stay winning :D awesome work!!!
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Simple English definitions for legal terms
caveat emptor
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A quick definition of caveat emptor:
Term: Caveat emptor
Definition: When you buy something, it's your responsibility to check it carefully before you pay for it. If you don't check it and there are problems with it later, you can't blame the seller. This is called "caveat emptor," which means "let the buyer beware" in Latin. However, there are some situations where the seller has to tell you about problems with the thing they're selling, even if you don't ask. For example, if they know there's something wrong with it and they don't tell you, you might be able to get your money back.
A more thorough explanation:
Definition: Caveat emptor is a legal principle that means "let the buyer beware." It places the responsibility on the buyer to carefully examine and assess a product before making a purchase. If the buyer fails to do so and later discovers defects or problems with the product, they cannot hold the seller responsible.
For example, if you buy a used car without inspecting it thoroughly and later find out that it has a major mechanical issue, you cannot sue the seller for damages. This is because you had the opportunity to examine the car before buying it, and it was your responsibility to do so.
However, there are exceptions to the caveat emptor principle. If the seller intentionally conceals important information about the product, they can be held liable for any damages that result. For instance, if a seller knows that a house has a serious mold problem but fails to disclose it to the buyer, the buyer can sue the seller for damages.
Caveat emptor is still an important legal principle today, especially in commercial and real estate transactions. It reminds buyers to be cautious and diligent when making purchases, and to take responsibility for their own decisions.