Legal Terms – Caveat Emptor
Caveat emptor, derived from Latin, means "let the buyer beware". The common-law maxim cautions a buyer that they cannot assert that their purchases were flawed unless they safeguard themselves by acquiring explicit assurances from the seller. The seller. The maxim has been altered through legislation: according to the Sale of Goods Act 1979 (a statute that consolidates various laws), contracts for the sale of goods include implied terms that necessitate the goods to match their description and any provided sample. Additionally, if the goods are sold as part of a business transaction, they must be of satisfactory quality and suitable for any purpose that the seller is aware of. Each of these implicit terms is an essential requirement of the contract. Nevertheless, in numerous commercial agreements, the vendors endeavor to absolve themselves from any responsibility for violating these requirements. This will generally be considered lawful, unless the exclusion is deemed unreasonable or unjust according to the laws pertaining to unfair contract conditions. The statutory conditions mentioned do not apply to land sales, where the principle of caveat emptor still holds true about the property's state. Typically, it is understood that the seller must provide a clear and unencumbered ownership of the property, without any undisclosed burdens, to the buyer prior to the agreement being formed.
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