LET THE BUYER BEWARE!
In the sale of goods act caveat emptor is defined there is no implied warranty or condition as to the fitness or quality of any particular purpose of goods under the contract of sale.
Here buyer talks about the owners of the buyer in asserting that is in a contract however this does not free the seller completely from any responsibility.
Here mainly the responsibility lies on the buyer of the goods and he must perform to deligence before the purchase of goods.
The buyer must be alert in the contract of sale.
He cannot hold the seller responsible for inferior goods unless the contract is based on fraud.
Fraud word is wrong here and it is in applicable in the contract.
This doctrine is generally applicable in the case of property transaction but it also can be applied in the sale of goods and other services.
Some conditions when the responsibility lies with the buyer but he can be shifted to the seller:
First, if the buyer has informed the seller about the purpose of the purchase before being making the purchase.
Second ,if the buyer relies on the technical expertise and experience of the seller.
Third, if the goods are of a description that the seller supplies in his normal course of business.
Fourth,to do this contract all the legal requirements are necessary and failure to do so can my contract unforeseeable.
This doctrine is very important because it is required all legal requirements and this caveat emptor it is needed everywhere like sale of goods and services contract and met the many other places.
Some exceptions to the doctrine of caveat emptor:
1. Sale by description:
In section 15 it is mentioned that when the buyer purchases of goods or service assume that Gujar of merchandise quality.
2.Purchase by samples and description:
It says that if the buyer buy goods with the sample and description and it does not matter reception then buyer can reject the goods.
3.Fitness for purpose when the there is a requirement of goods and just seller assume that the goods purchaser of required quality.
4. Consent by fraud:When the seller makes a faulty presentation intentionally and the buyer relies on it or where is seller knowingly hides a defect in the goods, at that time the doctrine of carrot and that does not apply as the buyer do not give his consent freely.
5. Usage of trade: Proof of reasonable usage or custom of trade me also establish quality Of goods purchased.
6.Misrepresentation :where the seller has made the faulty presentation date it to the goods and the bar as light upon it.
7. Trade name: Since the buyer why is the good specifying attain name the sellers only undertaking is that a good shall be of the same trade name as demanded by the buyer.
Market forces act to reduce the applicability of caveat emptor in some cases. Warranties and guarantees of quality or satisfaction that sellers issue voluntarily to buyers; if the sellers provide a quality product, they will not need to provide refunds or replacements very often, and buyers will be inclined to choose these vendors based on a perception of quality.
Governments also push back against the principle of caveat emptor in order to protect consumers’ interests.
Moreover, At the same time, such statements, as well as the legally mandated quarterly reports they accompany, reinforce the principle of caveat emptor, cementing the expectation that the buyer has access to all the information they need to make a reasonably informed decision.
Caveat emptor is particularly important in real estate transactions. In the U.S., home builders are required to issue an implied warranty of fitness to buyers of new properties. New residential properties come with the expectation that the seller is liable for faults.
Caveats have many applications in law and finance, pertaining to all parties involved being aware of all of the facts of a legal proceeding or transaction.
Doctrine of caveat emptor is given in many bearer check the sale of goods acta , Indian contract acts and
Consumer protection act.
So we all must aware of the gist of the doctrine of caveat emptor.