What are the exceptions to the rule of caveat emptor?
“Provided that, in the case of a contract for the sale of a specified article under its patent or other trade name, there is no implied condition as to the fitness for any particular purpose.” The second important exception to the doctrine of caveat emptor is incorporated in Section 16(2) of the Act.
What does caveat emptor mean in law?
let the buyer beware
What is meant by caveat emptor?
Caveat emptor is a neo-Latin word meaning “let the buyer be vigilant.” This is a contract law concept in many jurisdictions that positions the buyer’s duty to perform due diligence before making a transaction. The concept is widely used in real estate transactions but refers to other products and services as well.
Why caveat is filed?
A Caveat is a Notice given by a person, informing the Court that another person may file a suit or application against him and that the Court must give the Caveator (person filing the Caveat) a fair hearing before deciding any matter brought before it in the relevant case.
Who can file caveat petition?
Incorporated under Section 148A of Civil Procedure Code, 1908, the Indian Law defines caveat petition as a precautionary measure taken by a person who holds a strong fear or uneasiness that some or the other case against him/her is going to be filed in the court of law regarding any manner.
Who can issue a caveat?
Who may lodge a caveat? Section 148A further provides that a caveat may be filed by any person, whether a party to the suit or not, as long as the person filing the caveat has the right to appear before the court in regard to the suit in question.
Can I buy a house with a caveat on it?
A caveat does not give a caveator a right to possess the property or sell the property. You can lodge a caveat if you have an interest in the property that you cannot protect by registration of a mortgage.
What does a caveat on a property do?
A caveat is a notice at large that is recorded on the title of real property to protect the interest which the caveator may have on the real property. Any third party who may seek to deal with the real property is placed on notice about the caveator’s claim by the existence of the caveat.