Approach of "Caveat Emptor' means :

Let the Buyer Beware

The correct answer is option (3) : Let the Buyer Beware

The approach of 'Caveat Emptor' means "Let the Buyer Beware".

This approach places the responsibility on the buyer to be cautious and careful while making purchases. It implies that the buyer should be aware of the risks associated with the product or service being purchased and should take steps to protect themselves from any potential harm or loss. This approach was prevalent in the past when there were fewer regulations and consumer protection laws. However, with the passage of time, the approach has shifted towards 'Caveat Venditor' which means "Let the Seller Beware". This approach places the responsibility on the seller to ensure that the products or services being sold are safe, of good quality, and meet the expectations of the buyer.