Caveat emptor, or "let the buyer beware", is a legal doctrine that places the responsibility on the buyer to examine goods before purchase. It means the buyer bears the risk regarding the quality and condition of the goods. The document discusses the principle of caveat emptor and exceptions where consumer protection laws have limited its application if defects cannot be identified through casual inspection. It also provides examples of when caveat emptor does not apply, such as when goods are purchased by description or sample rather than direct examination. The case study illustrates how caveat emptor was applied when a buyer sued the seller for vehicle issues, as the buyer had opportunity to inspect but did not utilize an independent mechanic.