What does “caveat emptor” mean?

“Caveat emptor” is a Latin expression, meaning “let the buyer beware”. It is the principle that fixes the buyer with a responsibility for assessing the quality of a good before buying. The potential purchaser is being warned that the good being purchased might not satisfy the terms of the contract under which it is being purchased. Under this principle, the purchaser is responsible for protecting himself in the transaction. Smart consumers know their rights and enforce them. It remains in the best interest of every consumer to learn the facts about his transaction and ask questions if he is unsure about the merchants’ policies or about their own rights. Information is the best defence against purchasing defective products or falling victim to fraudulent practices.