BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Caveat Emptor
|
|
|
Conditions
|
|
|
Warranties
|
|
|
Stipulations.
|
Detailed explanation-1: -The Doctrine of Caveat Emptor Meaning The Doctrine of Caveat Emptor means that the responsibility lies on the buyer of goods and he must perform due diligence before the purchase of the goods.
Detailed explanation-2: -caveat emptor, (Latin: “let the buyer beware”), in the law of commercial transactions, principle that the buyer purchases at his own risk in the absence of an express warranty in the contract.
Detailed explanation-3: -Adam told him that there was a leak in the bathroom upstairs, but it was fixed already. However, Adam also warned him that despite the repairs, a small leak could occur from time to time. John failed to inspect the bathroom properly but still decided to buy the house.
Detailed explanation-4: -Exceptions to the rule of caveat emptor: Purchase by description: The rule of caveat emptor doesn’t apply in a case where goods are bought by description from seller. In such a case the implied condition is that the goods shall correspond to the description.