What is the meaning of the term " caveat emptor" in the context of Consumer protection Act?
Answer & explanation
Correct answer: option 1
The correct answer is option 1- Let the buyer beware.
"Caveat emptor" means let the buyer beware.
A consumer is said to be a king in a free market economy. The earlier approach of caveat emptor, which means “Let the buyer beware”, has now been changed to caveat venditor (“Let the seller beware”).