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-determined auction determine under what circumstances a buyer would prefer this format have been explored. Buyer-determined auction A Buyer-determined Auction is a type of reverse auctions in a procurement setting, also known simply as procurement auctions. These are auctions where bidders are the sellers, and they bid on a contract to provide supplies to the buyer. A common form of procurement auction is known as a scoring auction. In that auction form, the score that the buyer gives each bidder depends on well-defined attributes of the offer and the bidder. This scoring function is formulated and announced prior to the start of