What is the meaning of the term "caveat venditor" in the context of Consumer protection Act?
Answer & explanation
Correct answer: option 2
The correct answer is option (2)- Let the seller Beware.
The term "caveat venditor" in the context of Consumer protection Act is 'let the seller 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.