Caveat emptor as 'information asymmetry'. Defects in the good or service may be hidden from the buyer, and only known to the seller. A common way that information asymmetry between seller and buyer has been addressed is through a legally binding warranty, such as a guarantee of satisfaction. But without such a safeguard in place the ancient rule applies, and the buyer should beware. Under the principle of "caveat emptor", the buyer could not recover damages from the seller for defects on the property that rendered the property unfit for ordinary purposes. The only exception was if the seller actively concealed latent
A Caveat or Warning for Common Cursitors the Peace, but there is no evidence for this. However, in 1550 he was appointed to collect tax in Kent, and in 1554 and 1555 he was a member of the important Commission responsible for the Thames and its tributaries from near Southwark to Gravesend. A fellow member of the Commission was responsible for the creation of the Bridewell in London, and Harman was clearly acquainted with developments in law enforcement there. The "Caveat" is dedicated to Bess of Hardwick, although that does not mean that she was known personally to Harman. There are literary precursors to the "Caveat", including