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
Does exactly what it says on the tin Does exactly what it says on the tin "It does exactly what it says on the tin" was originally an advertising slogan in the United Kingdom, which then became a common idiomatic phrase. It colloquially means that the name of something is an accurate description of its qualities. It is akin to the previously existing phrases "by name and by nature" and "it lives up to its name". It originated in a series of television advertisements by the woodstain and wood-dye manufacturer Ronseal, initiated in 1994 and still being broadcast . The slogan was created by Liz Whiston and Dave