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.Ask a probing question, substantiated with additional background information, evidence or research.
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Let the buyer beware' is the meaning for an old Latin saying 'Caveat Emptor' basically states that the buyer must be aware of all details before he makes a purchase. It is a way of doing business which releases sellers from any responsibility for selling defective items to unknowing customers. This is an old principle that aimed at resolving differences arising from the prevalent situation in which the seller knows more than the buyer about the quality of the product. For example - if I were to buy a car it is my responsibility to get all the information and ask all the necessary questions before I make the purchase. If I do not ask the questions and the car breaks down- it is not the sellers' responsibility under the principle of caveat emptor. However, if I did ask al the questions and information was either kept from me or I was given incorrect information then the seller has committed fraud. (Staff, Investopedia, 2018)
The government is against the principle of caveat emptor- this is mainly to protect the buyers. In Industries such as financial services, real estate the buyer is entitled to straightforward standard information regarding the product. (Staff, Investopedia, 2018)
What is a reasonable consumer? A person who is reasonably considered able to read adverts carefully, be aware of possible agreements and harmless exaggeration. However, not all consumers are aware and there are some who may be considered as market illiterates. Similarly, advertising products that cater to children- one cannot expect a child to be intelligent enough to analyse the information given and make a truly informed decision. These are the few reasons why the old saying ' the let buyer beware' has some serious ethical reservations. (Business Standard, 1997)
Reference:
Staff, I. (2018, March 30). Caveat Emptor. Retrieved October 8, 2018, from https://www.investopedia.com/terms/c/caveatemptor.asp
Business Standard. (1997, January 02). Buyer Beware: Are Marketing And Advertising Always Ethical? Retrieved October 8, 2018, from https://www.business-standard.com/article/specials/buyer-beware-are-marketing-and-advertising-always-ethical-197010301012_1.html
Caveat Emptor means "Let the Buyer Beware." (n.d.). Retrieved October 8, 2018, from https://brainmass.com/business/wto-and-gatt/caveat-emptor-means-let-the-buyer-beware-88868
