Caveat Venditor Caveat emptor was the rule for most purchases and land sales prior to the Industrial Revolution, although sellers assume much more responsibility for the integrity of their goods in the present day. Today, most sales in the U.S. fall under the principle of caveat venditor, which means "let the seller beware," by which goods are covered by an implied warranty of merchantability. Unless otherwise advertised (for example, "sold as is") or negotiated with the buyer, nearly all consumer products are guaranteed to work, if used for their intended purpose 12th Commerce Unit - - .
. AM Key Words Consumer Protection Consumerism Consumer Consumer movement Caveat Emptor Caveat Venditor Buyer Beware Consumer Grievances What are the functions of the Consumer Clubs in schools? The following basic structure of functioning is recommended: i. Monthly meetings and demonstrations for one hour after school hours on the First Thursday of each month.
Each month a topic / activity may be scheduled as in the model calendar. ii. Days of National and International importance to consumers may be celebrated in the School / College. Poster / Speech / Essay competitions can be organised at school level by the Consumer Club to sensitise the students on the importance of the day.
iii. Field visits to local markets / Consumer Courts and door to door campaign in the local community etc., may be organized for at least days in a year. It can be done on Saturdays with prior arrangement. iv.
Minutes of each activity have to be recorded by the Student and Teacher Co- ordinator jointly as properly document. Mahatma Gandhi's quote about Consumerism “What is a man if he is not a thief who openly charges as much as he can for the goods he sells?”