Question
What is the doctrine of "Caveat Emptor"? What are the exceptions to this doctrine?
Answer :
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The doctrine of "Caveat Emptor" is a fundamental principle in business law, derived from Latin, meaning "let the buyer beware." It establishes that in a transaction, the responsibility for checking the quality, condition, and suitability of goods or services lies primarily with the buyer. Under this doctrine, the seller is generally not liable for any defects in the product once it has been sold, unless there is an express warranty, fraud, or misrepresentation. Caveat emptor emphasizes the buyer’s duty to exercise due diligence and make informed decisions before entering into a contract or purchasing goods. Historically, this principle applied strongly in commercial dealings where buyers had access to sufficient knowledge or expertise to assess the goods, and it served to protect
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