A consumer is said to be a king in a free market economy. The earlier approach of “caveat emptor, which means “Let the buyer beware”, has now been changed to caveat venditor (“Let the seller beware”). However, with growing competition and in an attempt to increase their sales and market share, manufacturers and service providers may be tempted to engage n unscrupulous, exploitative and unfair trade practices like defective and unsafe products, adulteration, false and misleading advertising, hoarding, black-marketing etc. This means that a consumer might be exposed to risks due to unsafe products, might suffer from bad health due to adulterated food products, might be cheated because of misleading advertisements or sale of spurious products, might have to pay a higher price when sellers engage in overpricing, hoarding or blackmarketing etc. Thus, there is a need for providing adequate protection to consumers against such practices of the sellers.
It means “let the seller beware”.
It means “let the buyer beware “.