What was the doctrine of caveat emptor in sales or lease contracts?
A) It was a law that balanced risk of loss between seller and buyer.
B) It was a law that stated the risk of loss was completely on the buyer.
C) It was a law that stated the risk of loss was completely on the seller.
D) It was a law that required no risk of loss between seller and buyer.

Question

Quizplus · Accepted Answer

The doctrine of caveat emptor in sales or lease contracts stated that the risk of loss was completely on the buyer. It means that the buyer should be cautious and check the quality and suitability of the product they are buying because the seller is not responsible for any defects or deficiencies in the product. This doctrine was prevalent in common law countries until the advent of consumer protection laws.

What Was the Doctrine of Caveat Emptor in Sales or Lease