Caveat emptor, better known to us in English as “let the buyer beware.”
It’s an age-old consumer truism, which states that it is the buyer’s responsibility to perform due diligence on whatever purchase they are considering.
From an ethical standpoint, the modern and biblical sages take issue with this concept. Good business practices maintain that the responsibility falls squarely on the shoulders of the seller. In other words, caveat venditor – let the seller beware, by providing full disclosure, being truthful and not concealing product defects. Certainly, consumers should be aware and knowledgeable about the purchases they make. However, they have the right to presume that there are no significant problems or defects unless informed by the seller. It is the seller’s obligation to be honest and transparent.
The sages permit – and even encourage – sellers to show their products in the best possible light. However, sellers should not misrepresent a product by omitting pertinent facts to the buyers. If a seller intentionally fails to make complete disclosure, it is considered deception.
Deceiving the Eye
Would you ever put a rock in the path of a blind man? Or stand by and do nothing when someone else does?
I hope your answer to both of those questions is a resounding “no.”
Similarly, when you show the buyer a product that is not as it appears, you are deceiving someone’s eyes. In this case, the buyer is metaphorically blind – unaware of the complete truth. Therefore, if you put a fresh coat of paint on a previously damaged vehicle, and say nothing about the previous damage, it is an action akin to placing a rock in the path of a blind man.
Consumer protection laws were created to protect buyers, but they have limitations. Unethical sellers can find legal loopholes to deceive buyers especially in the absence of written warranties.
It is crucial that the seller operate under the principle of Caveat Venditor, which means that the buyer is made fully aware of the product’s shortcomings and warned of any related risks.
Of course, buyers should be cautious and knowledgeable. Though, the highest form of a mutually beneficial seller-buyer relationship resides in the seller’s integrity and responsibilities.
The seller should have honest intentions and understand the needs of the buyer. A primary goal of the seller is to satisfy the buyer’s intentions instead of his or her personal desires such as obtaining a hefty commission or a monthly sales bonus. When the seller keeps the buyer’s motives first in mind, the seller will not manipulate the buyer especially by using fear. When your intentions are pure, you will do good business.
There’s No Substitute for Full Disclosure
In sum, business and sales ethics reject the concept that a buyer mustbe beware and places the onus of full disclosure on the seller. The buyer needs to know the truth of which lies in front of him or her before the sale is finalized. In the ethical world, there should be no doubt: let the seller beware.
Ethics is Smart Business