Caveat emptor means, "let the buyer beware."
In short, caveat emptor means that a buyer has the responsibility to ensure that what they're buying is what they actually want to be buying.
Confused yet? Here's an example:
But that's unfair!
What should Jeremy do?
What if Sally lies to Jeremy?
1. Sally knew that two wheels were missing.
2. Sally did not know that two wheels were missing.
Wait a minute--rescission in equity?
Alternate scenario: Sally knew that the wagon was missing two wheels but Jeremy never asked.
Bonus scenario: after signing a contract for the sale of the wagon, a tree fell and crushed the wagon (unbeknownst to both Sally and Jeremy).
This all still seems really unfair.
Table of Authorities
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