PGLAW 2019 Panjab University Entrance Exam With Answers

Practice Mode:
79.

What Does The Legal Term ' Caveat Emptor ' Refer To ?

A: Let The Buyer Beware
B: According To Value
C: An Unwelcome Person
D: Beyond The Powers

The answer is: A

Explanation

The legal term "caveat emptor" is a Latin term that means "let the buyer beware". It is a principle of contract law that places the responsibility on the buyer to do their due diligence and investigate the product or service they are purchasing before completing the transaction.

In other words, the principle of caveat emptor means that it is up to the buyer to be aware of any defects, issues or problems with the product or service they are buying. The seller is not required to disclose any defects or issues with the product, and it is up to the buyer to assess the quality and suitability of the product or service before making the purchase.

Caveat emptor is often used in commercial transactions, where the buyer is expected to have knowledge and experience in the field, and is therefore responsible for assessing the product or service on their own. However, in some situations, such as consumer transactions, the principle of caveat emptor may be limited by consumer protection laws and regulations.

Therefore, the correct answer is option A: Let the buyer beware.