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".

The market forces have changed from a seller market i.e., the earlier approach of caveat emptor which means Let the buyer beware, to a consumer market i.e., caveat venditor which implies Let the seller beware. A consumer is said to be a KING in the free market economy. Hence, consumer protection has significance for both consumers and business alike. Under the Consumer Protection Act 2019, the Government of India has conferred a legal protection to safeguard interests of a consumer.