-Def!n3-

Caveat Emptor



In Latin, it means Buyer Beware ! Asking the buyers to pay attention to the goods they are going to purchase. Sellers do not carry full responsibilities for any faulty transactions. As the consumers, we also holds the responsibility to make sure the to-be-purchased goods are in good conditions. The doctrine of Caveat Emptor implies that buyers could not later hold the seller responsible for the defected goods they bought. According to Answers.com, Caveat Emptor was first laid down by Chief Justice- John Marshall in 1817 as a principle in United States law. Laidlaw versus Organ was the first case that adopted Caveat Emptor, it regards to the purchase of tobacco.



Caveat Venditor



Contrary to Caveat Emptor, it means Seller Beware ! Sellers must be aware of buyers as they might also be tricked by buyers to enter into transactions. Under the doctrine of Caveat Venditor, seller holds the responsibility for defected goods thus it prevents seller from selling poor quality goods. MacPherson versus Buick Motor Co., a case regarding the purchase of automobile in 1916 held Buick Motor liable for MacPherson's injury due to the collapse of a defective wheel.