What does the Latin phrase "caveat emptor" mean?

The phrase "caveat emptor" translates to "let the buyer be aware," emphasizing the principle that the buyer is responsible for checking the quality and suitability of goods before making a purchase. This reflects a consumer's duty to be vigilant and informed while shopping, implying that sellers are not obligated to disclose all aspects of a product. The importance of this phrase lies in its historical context within contract law and consumer protection, highlighting the need for buyers to conduct their own due diligence. This understanding encourages consumers to research and evaluate products, ensuring they make informed decisions to minimize the risk of dissatisfaction or misrepresentation.