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
Buyer Buyer A buyer is any person who contracts to acquire an asset in return for some form of consideration. When someone gets characterized by their role as a buyer of certain assets, the term "buyer" gets new meaning. For example, a "buyer" is a person who purchases finished goods, typically for resale, for a firm, government, or organization; while a person who purchases material used to make goods is sometimes called a purchasing agent. In product management, the buyer is the entity that decides to obtain the product. A buyer's primary responsibility is obtaining the highest quality goods at the