a.What was the common law rule with respect to consumer transactions? How has this rule been changed by recent statutory enactments?b.Why do you think there were so many consumer protection statutes passed in the last fifty years?
What will be an ideal response?
| a. | The common law rule was caveat emptor or "let the buyer beware." This rule has changed to give the consumer more rights and remedies against the seller. Statutes have been enacted at both the state and federal levels to provide consumer protection.? |
| b. | Students may speculate on this answer. There was for one of the first times in history an organized consumer movement that lobbied for more protection for consumers. With the advent of computers and large multinational companies, situations were arising in which consumers needed more protection in the law than the common law rule provided. The rule of caveat emptor works well and makes sense when sellers are small, local businesses, but it becomes unfair to the consumer buyer when the seller has more bargaining power as is the case today. |
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What will be an ideal response?
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