Court Reporter Practice Exam

The phrase "let the buyer beware" cautions buyers about what?

1. Potential fraud from sellers

2. Inherent risks in purchasing

3. Prices changing after purchase

4. Availability of refunds

The correct answer is: Potential fraud from sellers

The phrase "let the buyer beware," also known by its Latin term "caveat emptor," primarily warns buyers to be vigilant and cautious about the quality and suitability of the goods they are purchasing. This principle places the responsibility on the buyer to investigate and ascertain that what they are buying meets their needs and expectations, which directly relates to potential fraud from sellers. It suggests that sellers may not always disclose all information pertaining to a product or may misrepresent its value or utility, thus necessitating that buyers exercise due diligence. While the other options certainly involve important aspects of purchasing goods, they do not encapsulate the fundamental warning inherent in the phrase. Inherent risks in purchasing do relate to buyer discretion, but the phrase is explicitly centered on protecting buyers from deceptive practices. Prices changing after purchase and the availability of refunds address issues that, while relevant, do not capture the essence of the cautionary message embedded in "let the buyer beware." Therefore, the emphasis on potential fraud from sellers aligns most closely with the implications of the phrase.