Variety of interactions between buyers and sellers

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The market has a variety of interactions between buyers and sellers, and these transactions show the differences between these two expressions. In the marketplace, where the buyer bears the responsibility of conducting due diligence before finalizing a transaction, the adage "caveat emptor" is obvious. A good illustration of this is transactions in the real estate market. In the real estate market, buyers buy land and directly related property. Most of the time, new homeowners who purchase from housebuilders receive an implicit warranty of fitness. For deals that come after, the caveat emptor principle is applicable. Conversely, caveat venditor means "let the buyer beware." The idea of caveat emptor is refuted in this way. Seller will bear responsibility if it is demonstrated that the products they provided are defective in any kind or do not match the requirements. To illustrate this phrase, consider the case of an automobile salesman who is trying to sell a car. The car must be defect-free and meet all specifications that were disclosed to the customer. It is the dealer's responsibility to make sure of this.

Reference no: EM133615615

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