"claims the customer makes to be proper, and if we always settle them at face value, we shall be subjected to inevitable losses."" The work concluded ""If the customer is made perfectly to understand what it means for him to be right, what right on his part is, then he can be depended on to be right if he is honest, and if he is dishonest, a little effort should result in catching him at it."" An article a year later by the same author addressed the ""caveat emptor"" aspect while raising many of the same points as the earlier"
"words. ""Laidlaw"" has been recognized by U.S. legal scholars as a central case in the history of U.S. contract law. It was the first case in which the Supreme Court adopted the rule of ""caveat emptor"" and ""was one of the first cases to come before the [Supreme] Court involving a contract for future delivery of a commodity."" This is also the first case that starts to articulate a doctrine of forbidding active concealment. ""Laidlaw"" has been cited by 110 different cases, and maintains great importance in U.S. legal scholarship and education (including law school Contracts courses). It has also"
"Quia Emptores Quia Emptores is a statute passed in the reign of Edward I of England in 1290 that prevented tenants from alienating their lands to others by subinfeudation, instead requiring all tenants who wished to alienate their land to do so by substitution. The statute, along with its companion statute of ""Quo Warranto"" (1290), was intended to remedy land ownership disputes and consequent financial difficulties that had resulted from the decline of the traditional feudal system during the High Middle Ages. The statute takes its name ""Quia Emptores"" from the first two words of the statute in its original"
"medieval Latin, and can be translated as ""because the buyers"". By effectively ending the practice of subinfeudation, ""Quia Emptores"" hastened the end of feudalism in England, which had already been on the decline for quite some time. Direct feudal obligations were increasingly being replaced by cash rents and outright sales of land which gave rise to the practice of ""livery and maintenance"" or bastard feudalism, the retention and control by the nobility of land, money, soldiers and servants via direct salaries, land sales and rent payments. This would later develop into one of the underlying causes of the Wars of"
"Quid pro quo Quid pro quo (""something for something"" in Latin) is a Latin phrase used in English to mean an exchange of goods or services, in which one transfer is contingent upon the other; ""a favour for a favour"". Phrases with similar meanings include: ""give and take"", ""tit for tat"", and ""you scratch my back, and I'll scratch yours"" and ""one hand washes the other"". In common law, ""quid pro quo"" indicates that an item or a service has been traded in return for something of value, usually when the propriety or equity of the transaction is in question."
"last two are directly related to ""Quia Emptores"". Other changes came after the Statute of Uses, 1535 and the Statute of Frauds. Quia Emptores Quia Emptores is a statute passed in the reign of Edward I of England in 1290 that prevented tenants from alienating their lands to others by subinfeudation, instead requiring all tenants who wished to alienate their land to do so by substitution. The statute, along with its companion statute of ""Quo Warranto"" (1290), was intended to remedy land ownership disputes and consequent financial difficulties that had resulted from the decline of the traditional feudal system during"
"cautionem is qui licitatione vicerit oﬀerre paratus sit."" Translated: “A tax lease that has been inflated beyond the usual sum due to bidding fever shall only be admitted if the winner of the auction is able to provide reliable bondsmen and securities.” Certain contemporary consumer psychologists attribute bidding-fever to the pleasure derived from winning an auction, as opposed any particular desire to own the object being sold at auction. The irrational behavior focused on the success of acquiring an object is sometimes referred to be the related terms ""loser's curse"" and ""winner's curse"". Calor licitantis Calor licitantis is a Latin"
"conducting himself would be equally bound as if he had intended to agree to the other party's terms."" The case stands for the narrow proposition that in a commercial sale by sample (following sample) where the goods conform to the sample shown, the court will mindful of the principle of caveat emptor look more to objective than subjective consensus ad idem. Its wider proposition, not directly relevant to the facts of the case, and later substantially reduced, was that a consumer buying an item, such as ""a horse"", without a representation or warranty (any seller's statement or special term as"
"no tangible employment action involved. Explaining the Three Factors: Quid pro quo Quid pro quo (""something for something"" in Latin) is a Latin phrase used in English to mean an exchange of goods or services, in which one transfer is contingent upon the other; ""a favour for a favour"". Phrases with similar meanings include: ""give and take"", ""tit for tat"", and ""you scratch my back, and I'll scratch yours"" and ""one hand washes the other"". In common law, ""quid pro quo"" indicates that an item or a service has been traded in return for something of value, usually when the"
"Captatio benevolentiae Captatio benevolentiae (Latin for ""winning of goodwill"") is a rhetorical technique aimed to capture the goodwill of the audience at the beginning of a speech or appeal. It was practiced by Roman orators, with Cicero considering it one of the pillars of oratory. During the Middle Ages it was used in court cases to gain the judge's favor, with lavish praise of the judge's wisdom considered most effective by Guillaume Durand. In parallel, the techniques of the captatio benevolentiae began to be used in the prologues of chivalric romance novels, addressing the readers and trying to have them"
"area of a company's social responsibilities squarely into the financial arena. This area of concern is widening to include such considerations as the impact on local communities, the health and welfare of employees and a more thorough examination of a company's supply chain. Until fairly recently, caveat emptor (""buyer beware"") was the governing principle of commerce and trading. In recent times however there has been an increased assumption that the consumer has a right to a degree of protection and the vast growth in damages litigation has meant that consumer protection is a central consideration for those seeking to limit"
"view the work favourably. Captatio benevolentiae Captatio benevolentiae (Latin for ""winning of goodwill"") is a rhetorical technique aimed to capture the goodwill of the audience at the beginning of a speech or appeal. It was practiced by Roman orators, with Cicero considering it one of the pillars of oratory. During the Middle Ages it was used in court cases to gain the judge's favor, with lavish praise of the judge's wisdom considered most effective by Guillaume Durand. In parallel, the techniques of the captatio benevolentiae began to be used in the prologues of chivalric romance novels, addressing the readers and"
"Chandelor v Lopus Chandelor v Lopus (1603) 79 ER 3 is a famous case in the common law of England. It stands for the distinction between warranties and mere affirmations and announced the rule of ""caveat emptor"" (buyer beware). A man paid £100 for what he thought was a bezoar stone. This is a stone that forms in animals' intestinal systems, and was believed to have magical healing properties. The seller said it was a bezoar stone, which turned out to be false. The buyer sued for the return of the £100 purchase price. How the claimant discovered that the"
"to evolve a doctrine of implied warranty. This judgment predated a common law recognition of fraudulent misrepresentation by 180 years. Chandelor v Lopus Chandelor v Lopus (1603) 79 ER 3 is a famous case in the common law of England. It stands for the distinction between warranties and mere affirmations and announced the rule of ""caveat emptor"" (buyer beware). A man paid £100 for what he thought was a bezoar stone. This is a stone that forms in animals' intestinal systems, and was believed to have magical healing properties. The seller said it was a bezoar stone, which turned out"
"Comprador A comprador or compradore () is a ""person who acts as an agent for foreign organizations engaged in investment, trade, or economic or political exploitation"". A comprador is a native manager of European business houses in East and South East Asia, and, by extension, social groups that play broadly similar roles in other parts of the world. The term ""comprador"", a Portuguese word that means ""buyer"", derives from the Latin ""comparare"", which means ""to procure"". The original usage of the word in East Asia meant a native servant in European households in Guangzhou in southern China or the neighboring"
"Quintus could have been adopted. The taboo element might have been the fact that his biological father was the gladiator, and therefore had been a slave, although not all gladiators were slaves. When confronted with the same story, Tiberius remarked “Curtius Rufus seems to me to be his own ancestor” (""ex se natus""). This remark, says Tacitus, “threw a veil over the discredit of his origin.” It is typically translated as “self-made man,” Tiberius may have meant to designate him as ""novus homo"", a “new man”, the first member of a line to attain consular rank. He would not be"
"Latent defect In the law of the sale of property (both real estate and personal property or chattels) a latent defect is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. The general law of the sale of property is caveat emptor (let the buyer beware) and buyers are under a general duty to inspect their purchase before taking possession. However, it is understood at law that inspection is often not sufficient to detect certain deficiencies in the product that can only be discovered through destructive testing or other means"
"to the labeling of certain persons associated with the industry as 'dot.compradors'. Comprador A comprador or compradore () is a ""person who acts as an agent for foreign organizations engaged in investment, trade, or economic or political exploitation"". A comprador is a native manager of European business houses in East and South East Asia, and, by extension, social groups that play broadly similar roles in other parts of the world. The term ""comprador"", a Portuguese word that means ""buyer"", derives from the Latin ""comparare"", which means ""to procure"". The original usage of the word in East Asia meant a native"
"of a lord. The commendation ceremony is composed of two elements, one to perform the act of homage and the other an oath of fealty. In some countries, such as the Kingdom of Sicily, the commendation ceremony came to be referred to as investiture. The word ultimately comes from the PIE root *upo ""under"". Becoming in the Proto-Celtic language *wasso- ""young man, squire,"" literally ""one who stands under,"" thence into: Welsh ""gwas"" ""youth, servant,"" Breton ""goaz"" ""servant, vassal, man,"" and Irish ""foss"" ""servant."" The Celtic word was taken into medieval Latin ""vassallus"" ""man-servant, domestic, retainer."" In Old French it became"
"Indians, who thought they owned the land, $5,000 cash and an annual $500 annuity forever for their title to the land. Pre-emption right A pre-emption right, right of pre-emption, or first option to buy is a contractual right to acquire certain property newly coming into existence before it can be offered to any other person or entity. It comes from the Latin verb ""emo, emere, emi, emptum"", to buy or purchase, plus the inseparable preposition ""pre"", before. A right to acquire existing property in preference to any other person is usually referred to as a ""right of first refusal"". In"
"Latin ""caupo, caupon-"" ""petty tradesman, huckster,"" of unknown ulterior etymology. From the German the word was borrowed into the Slavic languages (Old Slavic koupiti, modern Russian купить, etc.), the Baltic languages (Old Prussian ""kaupiskan"" “trade, commerce,” Lithuanian ""kὑpczus"" “merchant”) and Finnish ""kaupata"" “to sell cheaply.” In the Romance languages, however, the word has not survived. People with the surname or nickname Chapman include: Chapman (surname) Chapman is an English surname derived from the Old English occupational name ""céapmann"" “marketman, monger, merchant”, from the verb ""céapan, cypan"" “to buy or sell” and the noun form ""ceap"" ""barter, business; a purchase."" Alternate"
"Calor licitantis Calor licitantis is a Latin phrase, the literal translation of which is, ""heat of soliciting."" The functional use of the phrase in both modern times and antiquity is ""bidder's heat"". This is also known as ""auction fever"". The phenomenon of calor licitantis is believed to be as old as auctions themselves. This term was first used in the court system of Rome to describe the irrational behavior of bidders at auctions. The use of the phrase seemed to describe both the mental state of the bidder and the result of that state; specifically, that through the bidding process"
"undertakings"", just before slaying an enemy warrior, Numanus. Annuit cœptis Annuit cœptis (; in Classical Latin: ) is one of two mottos on the reverse side of the Great Seal of the United States. (The second motto is ""Novus ordo seclorum""; another motto appears on the obverse (front) side of the Great Seal: ""E pluribus unum"".) Taken from the Latin words ""annuo"" (third-person singular present or perfect ""annuit""), ""to nod"" or ""to approve"", and ""coeptum"" (plural ""coepta""), ""commencement, undertaking"", it is literally translated, favors our undertakings"" or has favored our undertakings"" (""annuit"" could be in either the present or perfect"
"Stipulatio Stipulatio was the basic form of contract in Roman law. It was made in the format of question and answer. In order for a contract to be valid parties must have intellectus (understanding) and voluntas (wish, will). Lunatics and infants lack intellectus, which means they do not know what they are doing and so cannot contract. Slaves lack voluntas and therefore cannot contract. However, although slaves cannot be bound by a contract, they can contract to benefit their master, even without his permission, (because he will then be able to choose whether or not to enforce it or with"
"Mancipatio In Roman law, mancipatio (f. Latin ""manus"" ""hand"" and ""capere"" ""to take hold of"") was a solemn verbal contract by which the ownership of certain types of goods, called ""res mancipi"", was transferred. ""Mancipatio"" was also the legal procedure for drawing up wills, emancipating children from their parents, and adoption. ""Res mancipi"" were goods important in an early agrarian society, like land, rights over land, horses, cattle and slaves. The right of ownership (""dominium"") for such goods was reserved to Roman citizens (Quirites) and therefore called a ""quiritian"" or a ""quiritary"" right. The procedure of acquisition of property ""by"
"be discovered by a reasonable inspection. Latent defect In the law of the sale of property (both real estate and personal property or chattels) a latent defect is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. The general law of the sale of property is caveat emptor (let the buyer beware) and buyers are under a general duty to inspect their purchase before taking possession. However, it is understood at law that inspection is often not sufficient to detect certain deficiencies in the product that can only be discovered"
"Advocatus During the Middle Ages, the Latin word advocatus (in English, advocate; in French ""avoué""; in German, ""Vogt"") was a general term for any person called (""ad vocatus"") to defend another, such as a lawyer or an ""advocatus ecclesiae"", usually a lay lord charged with the protecting a particular church. The ""advocatus"" as an officer of a court of law first appears in the 12th and 13th centuries, concomitant with the rediscovery of Roman law. The term ""advocatus ecclesiae"", literally ""advocate of the church"", is the Latin title of certain persons whose duty it was, under given conditions, to represent"
"investors are considered highly risky. There is a public interest concern associated with the company designated as Caveat Emptor. Buyer beware. This may include a spam campaign, stock promotion or known investigation of fraudulent activity committed by the company or through inside information. During a spam campaign, any stock that is not in the Current Information category will also have its quotes blocked on otcmarkets.com. The OTC Bulletin Board (OTCBB) is only a listing of securities that are also traded ""over the counter"" similar to the OTC Markets. The OTCBB as an exchange was closed by owner FINRA. OTCBB companies"
"in Latin usually called the ""feodum"" - but also the associated legal relationship. The owner was the so-called liege lord or feudal lord (German: Lehnsherr ""Lehnsgeber""; Latin: ""dominus feudi"", ""senior""), who was usually the territorial lord or reigning monarch. The beneficiary was his vassal, liegeman or feudatory (German: Vasall, ""Lehnsmann"", ""Knecht"", ""Lehenempfänger"" or ""Lehensträger""; Latin: ""vassus"" or ""vasallus""). Both parties swore an oath of fealty (Lehnseid) to one another. The rights conferred on the vassal were so similar to actual possession that it was described as beneficial ownership (""dominium utile""), whereas the rights of the lord were referred to as"
"Argumentum ad captandum In rhetoric an argumentum ad captandum, ""for capturing"" the gullibility of the naïve among the listeners or readers, is an unsound, specious argument designed to appeal to the emotions rather than to the mind. It is used to describe ""claptrap or meretricious attempts to catch popular favor or applause."" The longer form of the term is ad captandum vulgus (Latin, ""to ensnare the vulgar"" or ""to captivate the masses""); the shorter and longer versions of the phrase are synonymous. The word ""vulgus"" in Latin was a contemptuous reference, implying a rabble or a mob. The ""ad captandum"""
"around the principle of caveat emptor, or ""buyer beware"", and transformed it into a plush shopping experience fit for the Gilded Age. Unconditional refunds, consistent pricing and international imports are among the Field innovations that became standards in quality retailing. Field's employees were also instructed not to push products on uninterested customers as was common practice in stores of the period. The quotes ""Give the lady what she wants"" and ""The customer is always right"" are attributed to Field. Though most famous today for his retail business, during his lifetime his wholesale business made far more money. During the 1880s,"
"Pre-emption right A pre-emption right, right of pre-emption, or first option to buy is a contractual right to acquire certain property newly coming into existence before it can be offered to any other person or entity. It comes from the Latin verb ""emo, emere, emi, emptum"", to buy or purchase, plus the inseparable preposition ""pre"", before. A right to acquire existing property in preference to any other person is usually referred to as a ""right of first refusal"". In practice, the most common form of pre-emption right is the right of existing shareholders to acquire new shares issued by a"
"any award is determined later; although the standard wording refers to the Chairman of Lloyd's arbitrating any award, in practice the role of arbitrator is passed to specialist admiralty QCs. A ship captured in war is referred to as a prize, and the captors entitled to prize money. Again, this risk is covered by standard policies. The most important sections of this Act include::§4: a policy without insurable interest is void.:§17: imposes a duty on the insured of ""uberrimae fides"" (as opposed to ""caveat emptor""), i.e., that questions must be answered honestly and the risk not misrepresented.:§18: the proposer of"