What are the exceptions to the Doctrine of Caveat Emptor?

The term caveat emptor is taken from Roman law and means in Latin, "let the buyer beware". In the absence of a stated guarantee or warranty from the seller, a buyer takes what he buys, "as is", and without any guarantee or warranty as to its authenticity, age, condition, freedom from defect or the like. The buyer has the responsibility for inspecting, authenticating, testing or otherwise verifying that the item is what he thinks it is. The modern law of sales implies warranties of fitness for an item's intended purpose. If the seller wishes to deal without warranty or guarantee, the seller must disclaim or limit the existence of a warranty. Formal terms are not necessary. Whether a warranty is given or not would depend upon a reasonable buyer's interpretation of what is said. Warranties involve statements of fact. ("This car has never been repainted"). A statement expressed as the seller's opinion ("I don't think this car has been repainted" is not a warranty or guaranty unless seller purports to be an expert. Enthusiastic salesmanship ("..the best paint finish you will find on any car lot..." does not create a warranty. Ultimately each case stands on its own set of facts and many variations of these basic ideas may be found. Many lawsuits involve disputed issues what was said by whom, and in such cases the jury decides. Where the caveat emptor rule has been modified by statute, the terms of the statute must be followed closely by the party seeking the protection of the statute.