Caveat emptor by phone, also have a statutory "cooling off" period of fourteen calendar days during which the purchase contract can be cancelled and treated as if not done. Although no longer applied in consumer law, the principle of "caveat emptor" is generally held to apply to transactions between businesses unless it can be shown that the seller had a clear information advantage over the buyer that could not have been removed by carrying out reasonable due diligence. "Caveat venditor" is Latin for "let the seller beware." In the landmark case of "MacPherson v. Buick Motor Co." (1916), New York Court Appeals
Caveat emptor goods that do not meet legal standards of acceptance. Consumer purchases are regulated by the Consumer Rights Act 2015, whilst business-to-business purchases are regulated by the Sale of Goods Act 1979. In the UK, consumers have the right to a full refund for faulty goods. However, traditionally, many retailers allow customers to return goods within a specified period (typically two weeks to two months) for a full refund or an exchange, even if there is no fault with the product. Exceptions may apply for goods sold as damaged or to clear. Goods bought through "distance selling," for example online or