Caveat emptor effect that the initial transfer or license of intellectual-property rights is preserved. Most stores require proof of purchase and impose time limits on exchanges or refunds. Some larger chain stores, such as F.Y.E., Staples, Target, or Walmart, will, however, do exchanges or refunds at any time, with or without proof of purchase, although they usually require a form of picture identification and place per-transaction and/or per-person quantity or dollar limitations on such returns. In the UK, consumer law has moved away from the "caveat emptor" model, with laws passed that have enhanced consumer rights and allow greater leeway to return
Caveat emptor defects or otherwise made material misrepresentations amounting to fraud. Before statutory law, the buyer had no express warranty ensuring the quality of goods. In the UK, common law requires that goods must be "fit for the particular purpose" and of "merchantable quality", per Section 15 of the Sale of Goods Act but this implied warranty can be difficult to enforce and may not apply to all products. Hence, buyers are still advised to be cautious. The modern trend in the U.S. is that the implied warranty of fitness for a particular purpose applies in the real-estate context to only the