Caveat Emptor
INTRODUCTION
The exceptions to the rule of caveat emptor have now become more prominent than the rule itself. The rule owes its origin to the times when nearly all sales took place in open market. The buyer and seller came face to face, the seller exhibited his goods, the buyer examined them and bought them if he liked. But as trade grew and assumed global dimensions, it became difficult for the buyer to examine the goods beforehand. Also the modern goods are complex in structure it is seller who can assure the buyer of quality and contents of the goods. Thus there was a need to evolve the law from Caveat emptor to Caveat venditor.
What is caveat emptor?
The caveat emptor principle, that literally means let the buyer beware, has been followed for many years by the Courts of England. These simple words were an easy focus for judicial thought, a principle to be invoked when the going is difficult, a guide to be followed amid the baffling uncertainties of litigation. Emptor in Latin is the buyer and the verb cavere is a verb of caution.
The principle of caveat emptor was the guideline for the courts and the point was that the buyer had the chance to use his knowledge to be careful or accept the cost of his inattention. No warranties were implied to assure the quality of the goods he was going to buy and only a seller making a false statement could be sued in tort for deceit.
The scope of caveat emptor has been explained in the landmark case of Wallis v. Russel. It was held that Caveat Emptor does not mean in law that the buyer must “take chances” but it means he must “take care”. This maxim applies to the purchase of specific things upon which the buyer can exercise his own judgment. It also applies whenever the buyer voluntarily chooses what he buys and does not rely on the skill or judgement of the seller.
It is very important to point out that all fraud and was the only way for the buyer to sue the seller for breach of the contract. It was a principle that
The exceptions to the rule of caveat emptor have now become more prominent than the rule itself. The rule owes its origin to the times when nearly all sales took place in open market. The buyer and seller came face to face, the seller exhibited his goods, the buyer examined them and bought them if he liked. But as trade grew and assumed global dimensions, it became difficult for the buyer to examine the goods beforehand. Also the modern goods are complex in structure it is seller who can assure the buyer of quality and contents of the goods. Thus there was a need to evolve the law from Caveat emptor to Caveat venditor.
What is caveat emptor?
The caveat emptor principle, that literally means let the buyer beware, has been followed for many years by the Courts of England. These simple words were an easy focus for judicial thought, a principle to be invoked when the going is difficult, a guide to be followed amid the baffling uncertainties of litigation. Emptor in Latin is the buyer and the verb cavere is a verb of caution.
The principle of caveat emptor was the guideline for the courts and the point was that the buyer had the chance to use his knowledge to be careful or accept the cost of his inattention. No warranties were implied to assure the quality of the goods he was going to buy and only a seller making a false statement could be sued in tort for deceit.
The scope of caveat emptor has been explained in the landmark case of Wallis v. Russel. It was held that Caveat Emptor does not mean in law that the buyer must “take chances” but it means he must “take care”. This maxim applies to the purchase of specific things upon which the buyer can exercise his own judgment. It also applies whenever the buyer voluntarily chooses what he buys and does not rely on the skill or judgement of the seller.
It is very important to point out that all fraud and was the only way for the buyer to sue the seller for breach of the contract. It was a principle that
Bibliography: ➢ Pollock and mullah’s on sales of goods act 1930 ➢ Atiyah’s introduction to the law of contracts ➢ Sales of goods Act, Avtar Singh ➢ Bare act Sales of Goods Act, 1930 ➢ http://www.mondaq.com/x/40206/Arbitration+Dispute+Resolution/From+Caveat+Emptor+to+Caveat+Venditor+a+Brief+History+of+English+Sale+of+Goods+Law. ➢ http://www.lawteacher.net/commercial-law/essays/consumer-and-commercial-law-essay.php ➢ www.wikipedia.com