Soapy Smith gambling house. Legend has it that above the entrance of the stairway leading upstairs to the gambling games was a sign that read "caveat emptor", Latin for "let the buyer beware". Smith's younger brother, Bascomb Smith, joined the gang and operated a cigar store that was a front for dishonest poker games and other swindles, operating in one of the back rooms. Other operations included fraudulent lottery shops, a "sure-thing" stock exchange, fake watch and bogus diamond auctions, and the sale of stocks in nonexistent businesses. Because of bribes, some of the police officers patrolling the streets would not arrest
Caveat emptor recover only the damages that s/he would have suffered had s/he taken all feasible steps to minimize ("mitigate") his/her damages suffered. As a default rule, the perfect-tender rule may be "contracted around" in ways that specify or limit a buyer's remedies (and that accordingly reduce the market price that rational buyers are willing to pay for the goods). In many cases, the vendor will not provide a refund but will provide store credit. In the cases of software, movies, and other copyrighted material, many vendors will offer only a direct exchange for another copy of the same title, with the