(pronounced KA-vee-ott EMP-ter)

A Latin term for a doctrine of commerce, namely that a consumer who buys something without a warranty assumes the risk. Let the buyer beware.

Example: When our client bought two cheap Persian rugs from a disreputable vendor, against our recommendation, we threw up our hands and said to him, “Caveat emptor, my friend. Don’t be surprised if those fall apart in a year.” (said tactfully, of course)