Business Ethtics Exploring Caveat Emptor
| Business Ethics | Assignment 2 | "Evaluate the notion of "caveat emptor". Does a business have an obligation to manufacturer products that are as safe as possible for consumers and society in general? Use ethical theories to justify your argument." | | |
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Introduction
This essay aims to evaluate the notion of "caveat emptor" and examine the obligation that businesses have to produce a product which is safe for consumers and society in general. This essay will define caveat emptor, examine the approaches used to determine the burden of responsibility in regards to product safety and assess these approaches from an ethical standpoint, using ethical theories. It is the aim of the author to provide a compelling argument that caveat emptor is an outdated maxim which holds no real value within today 's consumer driven economy and the onus to provide safe products falls at the feet of the manufacturer.
Caveat emptor
Caveat emptor is a Latin legal term which translates to "let the buyer beware". Caveat emptor is defined as: "A maxim of Roman law now part of British-tradition common law, that a buyer 's omission to make fundamental inquiries and inspection(s) of property leaves the purchase of deficient property at the buyer 's peril if he does not" ("caveat emptor 1", 2011). The notion of caveat emptor places the onus on the purchaser to ensure that goods are of a saleable quality before purchase during a commercial transaction. It implies that "the buyer purchases at his own risk in the absence of express warranty in the contract" ("caveat emptor 2", 2011).
Caveat emptor has a long history in both Roman law and English common law. It “has been part of the English language since 1523, when it was used in connection with the sale of a horse" ("caveat emptor 1", 2011).Caveat emptor "originally denied the buyer the right to any claims of quality" ("commercial transaction", 2011) unless it was stated in contract. Caveat emptor was well suited
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Introduction
This essay aims to evaluate the notion of "caveat emptor" and examine the obligation that businesses have to produce a product which is safe for consumers and society in general. This essay will define caveat emptor, examine the approaches used to determine the burden of responsibility in regards to product safety and assess these approaches from an ethical standpoint, using ethical theories. It is the aim of the author to provide a compelling argument that caveat emptor is an outdated maxim which holds no real value within today 's consumer driven economy and the onus to provide safe products falls at the feet of the manufacturer.
Caveat emptor
Caveat emptor is a Latin legal term which translates to "let the buyer beware". Caveat emptor is defined as: "A maxim of Roman law now part of British-tradition common law, that a buyer 's omission to make fundamental inquiries and inspection(s) of property leaves the purchase of deficient property at the buyer 's peril if he does not" ("caveat emptor 1", 2011). The notion of caveat emptor places the onus on the purchaser to ensure that goods are of a saleable quality before purchase during a commercial transaction. It implies that "the buyer purchases at his own risk in the absence of express warranty in the contract" ("caveat emptor 2", 2011).
Caveat emptor has a long history in both Roman law and English common law. It “has been part of the English language since 1523, when it was used in connection with the sale of a horse" ("caveat emptor 1", 2011).Caveat emptor "originally denied the buyer the right to any claims of quality" ("commercial transaction", 2011) unless it was stated in contract. Caveat emptor was well suited
Bibliography: * Shaw, W., Barry, V., & Sansbury, G. (2009) Moral Issues in Business (1st Asia-Pacific ed.), Cengage Learning. Melbourne, Australia * Macklin, R., Matthews, P., & Muntean, D. (2010) Ethics Sustainability and Culture MGT 230 Study Guide, Charles Sturt University. Australia * Caveat emptor 1. (2011). In Duhaime legal dictionary online. Retrieved from http://www.duhaime.org/LegalDictionary * Caveat emptor 2. (2011). In Encyclopædia Britannica. Retrieved from http://www.britannica.com/EBchecked/topic/100648/caveat-emptor * Commercial transaction. (2011). In Encyclopædia Britannica. Retrieved from http://www.britannica.com/EBchecked/topic/127986/commercial-transaction