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The term 'caveat emptor' is a Latin phrase that translates to "let the buyer beware." This concept is fundamental in commercial transactions, as it places the onus on the buyer to perform due diligence before making a purchase. Essentially, it implies that buyers should be aware of the potential risks associated with a product or service and take responsibility for ensuring that what they are buying meets their expectations or requirements.

In many contexts, especially in real estate and various types of sales, reliance on 'caveat emptor' indicates that once a transaction is concluded, the seller typically bears no responsibility for any defects or issues with the product. This principle encourages buyers to thoroughly assess their purchases and understand that they assume the risk upon completing the transaction.

Other interpretations or options, such as letting the seller beware or the seller being responsible for quality, would not align with the traditional definition of 'caveat emptor' and deviate from its core implication regarding buyer responsibility in the marketplace.