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Updated: May 10, 2025
There is a sort of code that fixes the limit beyond which this form of deception must not be carried, and those who exceed that limit are looked upon somewhat as a pugilist who 'hits below the belt, But within these limits every one expects every other to suggest the false and suppress the true, while caveat emptor is lord of all, and 'the devil take the hind-most."
It was in 1825 that he published his Essay on the Doctrine of Contracts, in which he maintained that the transaction between the buyer and seller of a commodity should be one of perfect frankness and an entire absence of concealment; that the seller should be held to disclose everything within his knowledge which would affect the price of what he offered for sale, and that the maxim which is compressed into the two Latin words, caveat emptor the maxim that the buyer takes the risk of a bad bargain is not only a selfish but a knavish and immoral rule of conduct, and should not be recognized by the tribunals.
That suffices to give the borrower such protection as is needed. So it is with landlords and tenants. Injury is no doubt done, and injustice is enabled to prevail here and there. But it is the lesser injury, the lesser injustice, which cannot be prevented in the long run by any attempt to escape the law of "caveat emptor."
And this one holy institution was found setting at its peak the black flag of the trader, the "Jolly Roger" of the modern commercial pirate "Caveat emptor!" To quote the precise words: The editors and publishers of the "Living Church" assume no responsibility for the assertions of advertisers.
New Month. Mag. "They say this town is full of cozenage, As nimble jugglers that deceive the eye, Disguised cheaters, prating mountebanks, And many such like libertines of sin." +Caveat emptor+! This is the age of fraud, imposture, substitution, transmutation, adulteration, abomination, contamination, and many others of the same sinister ending, always excepting purification.
I conclusively presume that the purchaser himself personally looked to the security, or accepted the guaranty of the negotiating trust company. Caveat emptor is my rule." Mr. Elkins looked out of the window, as if he had forgotten us. "We should push the sale of the Lattimore & Great Western," said he, "and the Belt Line System." "I concur," said Cornish.
The heir, therefore, was not necessarily informed of the succession to which he was destined; and Wills thenceforward acquired the property of secrecy. The substitution of a stranger for the actual Heir in the functions of "Familiæ Emptor" had other ulterior consequences.
The terms of the expression Emptor familiæ demand notice. "Familia," in classical Latinity, means always a man's slaves. Here, however, and generally in the language of ancient Roman law, it includes all persons under his Potestas, and the Testator's material property or substance is understood to pass as an adjunct or appendage of his household.
And moreover a legal maxim caveat emptor, "Let the buyer beware" made cheating legally safe. Dealers in clothing guaranteed neither fit nor quality, and anything you paid for, once wrapped up and in your hands, was yours beyond recall "Business is business," was a maxim that covered many sins. A few hundred years ago business was transacted mostly through fairs and ships, and by pedlers.
At the execution of the Mancipatory Testament seven persons had been present besides the Testator. Seven witnesses were accordingly essential to the Prætorian Will: two of them corresponding to the libripens and familiæ emptor, who were now stripped of their symbolical character, and were merely present for the purpose of supplying their testimony.
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