Caveat Emptor is a Latin phrase meaning "Let the buyers beware". In other words, it serves as, "A warning that notifies a buyer that the goods he or she is buying are "as is," or subject to all defects".
Under this case, when a sale is subject to this warning, the purchaser must assume the risk that the product or goods to be purchased might be either defective or not suitable to the purchaser's needs.
This rule is not designed to protect sellers who engage in activity of fraud or bad faith dealing by making misleading or false representations about the quality or condition of a product that is being sold. Caveat Emptor mere;y summerizes the concept that a buyer must in his or her own rights examine, judge and test the product that is to be purchased.
Read up links:
http://legal-dictionary.thefreedictionary.com/caveat+emptor
http://en.wikipedia.org/wiki/Caveat_emptor
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