Wednesday, March 23, 2011

caveat emptor vs. caveat venditor


Caveat emptor: When a sale is subject to this warning the purchaser assumes the risk that the product might be either defective or unsuitable to his or her needs.

This rule is not designed to shield sellers who engage in Fraud or bad faith dealing by making false or misleading representations about the quality or condition of a particular product. It merely summarizes the concept that a purchaser must examine, judge, and test a product considered for purchase himself or herself.

The modern trend in laws protecting consumers, however, has minimized the importance of this rule. Although the buyer is still required to make a reasonable inspection of goods upon purchase, increased responsibilities have been placed upon the seller, and the doctrine of caveat venditor (Latin for "let the seller beware") has become more prevalent. Generally, there is a legal presumption that a seller makes certain warranties unless the buyer and the seller agree otherwise. One such Warranty is the Implied Warranty of merchantability. If a person buys soap, for example, there is an implied warranty that it will clean; if a person buys skis, there is an implied warranty that they will be safe to use on the slopes.

A seller who is in the business of regularly selling a particular type of goods has still greater responsibilities in dealing with an average customer. A person purchasing antiques from an antique dealer, or jewelry from a jeweler, is justified in his or her reliance on the expertise of the seller.

Which law are you more in favor of Caveat Emptor or Caveat Venditor? Should the seller be responsible for doing their homework and inspections when purchasing a product? Or should the seller be responsible for fully disclosing all the information they have about a product they are selling? Explain your answer.


Source:http://legal-dictionary.thefreedictionary.com/

27 comments:

  1. I'm in favor for both. I think the seller should have to say if their is anything wrong with the item but I also feel that the buyer should do his/her research to make sure the item is okay and will work. Both parties should be accountable.

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  2. I think that both laws are fine. It depends on the type of product it is. Common sense plays a big role in these rules. For example, coffee is obviously hot so that shouldn't need to have an indicator telling the person that it is hot. Others products that are not widely known or common sense should have warnings that could affect the person.

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  3. I agree wiht Brent on pretty much the whole thing, but I should add about the McDonalds case where the woman grabbed a cup of coffee (not iced) and burnt her hand and sued them because they didn't point out the coffee is hot. There's no common sense law, although there should be, but the only problem is the fact that everyones common sense is different.

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  4. Both the buyer and the seller definitely have responsibilities to do their homework and educate themselves on the product/service they're selling/consuming, but I believe the brunt of the responsibility should rest on the shoulders of the seller. The seller is supposed to be the expert in whatever field they deal in, and if they're giving false information to buyers, the buyers are most likely to believe them. If the source of information regarding the product is corrupt, then there's not much hope for the buyer to ever really uncover the truth about the product. If the law allows the seller to constantly lie about their products, any trace of integrity that "the system" has will completely dissolve. There has to be SOME source of honesty.

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  5. I think a buyer should be aware of what they are buying. They should have some knowledge about it and know if they are taking a risk in buying that product. I also think that the selle should put warrenties because their product may not always be effective.

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  6. I also agree with brent. There should absoulutly be a common sense law. People just are scam artists and will just find anyway to get free money. There bums and are justice system as catered to them for too long.

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  7. I think that the majority of the responsibility should be placed on the seller. The seller should not be allowed to intentionally deceive potential buyers which often happens on occasion. The buyer should be able to trust the seller.

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  8. Both the buyer and the seller should "do their homework" when buying or selling something. The seller should know exactly what he is selling to his customers. How could you sell something that yiou know nothing about. I think this should mostly apply to people that sell a particular item regularly. On the other hand buyers need to be aware of what they are interested in buying. Research the product before you buy it because you never know how educated the seller will be.

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  9. I feel that the responsibility should be placed on both the buyer and the seller. However, it is more the responsibility of the seller to disclose all the information and not to leave anything out. This could lead to fraud. At the same time, the buyer has to be smart about what they purchase and to do their research.

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  10. Kristin_E_MarkhamMarch 24, 2011 at 6:50 AM

    I believe that both the seller and buyer should be aware of the product they are dealing with. A buyer should know everything about the product they are selling and if they don't they should be informed instead of lying about information they are unsure of. The seller should also make sure that the product they are buying is exactly the way they want it. They should also make sure that everything the seller is saying is true about the product. Both parties need to be responsible for the product no matter what.

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  11. Both the buyer and seller need to be responsible. The buyer needs to know and research what they are purchasing before they buy something. On the other hand, the seller needs to know the product and what they are selling. For example, if a customer comes into a store and is looking to buy some food but they are allergic to foods that contain peanut oil. The seller needs to be aware of products that contain that. If the buyer asks the seller and they don't know the answer it is their responsibility to find the answer and tell the customer. Overall both need to be reasponsible when selling and buying items.

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  12. I am in favor of Caveat emptor. Because it is important the purchaser knows that the product may be defective. The purchaser must also know that the product is unsuitable. Its the purchasers responsibility to know what they are buying.

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  13. I think that the buyer and the seller should both be responsible. If I had to choose one that is more reasonable I would choose Caveat Emptor. The buyer must be a smart buyer and do his/her research. If the buyer does his research then he could possibly get a really good deal on a purchase or avoid a really bad mistake.

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  14. I think that the both laws are important and that both the seller and the buyer should be responsible for knowing things about the product. The seller should deffinitly know about the product because how can you sell something you know nothing about. Also, the buyer should also do some research on the product so they know more about it and see if they really need the product.

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  15. I think that the buyer and the seller are bother responsible. They should both know what they are doing before they buy or sell something. The seller should know everything about the product before he sells it. He should also make sure that everything he says about the product is true. But on the other hand the buyer should know everything about the product before they buy it. Both the buyer and seller are at fault here.

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  16. I think that the customer should do a little research and know what they are spending their money. However i also think that it is the sellers responsibility to make sure that they are selling products that function properly and warn buyers of any faults or dangers.

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  17. I think it is both the buyer and sellers responsibility to make sure the product is a good product. When buying, always make sure the product is good and remember the risks you are taking when buying it. But it should be the sellers priority to make sure that their product is presentable to the customers and not deceiving.

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  18. I think that the buyer and seller are both responsible. The seller should know what he or she is selling and everything about that product. The buyer should try to find out everything they can about the product from the seller before buying it. It is more of the sellers responsibility though because they are the one informing the buyer.

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  19. I am in favor of both of the laws equally. The seller should be required to tell all prospective buyers about the product, and let them know if there is anything wrong with it. On the other hand, the buyer is taking the risk when purchasing, and they should do their research before they make their decision.

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  20. I think both the buyer and seller are responsible for their end of the transaction. It is the buyers responsibility to check the product out before a purchase is made. It is the sellers responsibility to buy products of reasonable quality, knowing that people will be purchasing them. Being a smart seller, it is in their best interest to research the product. After all, you can only build a business up if you've got the support of your customers.

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  21. I believe in caveat venditor. I think that there is a resonable expectation to get what you have payed for. Also, if a seller warns a buyer about a defect in the property, then the buyer is responsible for that defect and in no way should be able to return it for the defect. In this market, both buyers and sellers should be protected. And that means that the buyer gets what they expected and the seller sells what was expected of them.

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  22. Personally, I believe both laws are fine. Both the buyer and seller should be expected to be held responsible for the product though. The seller should be aware of the product that they're selling, in order to avoid fraud or misrepresentation. The buyer, however, needs to understand that buy purchasing a certain product, it is their responsibility to retain all information about that product, as long as the seller is providing them with valid information.

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  23. Both buyer and seller need to be responsible for all merchandise exchanged between each other and yet it is ultimately the consumer's responsibility to make sound purchases. Sellers are running a business and are looking out for the best interests of their company and a buyer should be as doing so as well. The product is going to be directly affecting the consumer and therefore they need to be thorough enough in their analysis of the product to be sure of their satisfaction.

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  24. Although the buyer should have some sort of knowledge about the product they wish to purchase, most of the responsibility should be placed on the seller to fully disclose the information they have about the product. Otherwise sellers will intentionally mislead buyers and all trust between buyers and sellers will be lost.

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  25. I feel that the responsibility within a sale should lie in the hands of the seller rather than the buyer. When selling a product, the seller assumes the position of expert on the item up for sale. I feel that it is their moral obligation to release on information (good and bad) relating to the product. Because, lets face it, the only reason that an owner would lie about a product is to benefit themselves; either to make more money or to execute a sale. This time of commerce manuipulation reveals a lack character and leaves a buyer at the will of the sellers word.

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  26. I see both sides because the seller needs to inspect and be educated on what they are selling, but also be honest with their customers about the product. The seller must be true to the questions and concerns of the customers, despite the potential downsides. I understand that the seller's job is to persuade their buyers, but there should be a sense of integrity within the consultation. The buyer must also know any risks involved in the product for this is their responsibilty in the deal.

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  27. I think that if something is wrong with the product the seller should not be responsible if they are saying and putting up signs that say they are fake. the person buying knows that it can be defective.

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