full vs. positive Archives - understand-culture

caveat emptor

caveat: may he/she beware. emptor: buyer. caveat emptor is Latin for “Let the buyer beware”. Generally, caveat emptor is the contract law principle that controls the sale of real property after the date of closing, but may also apply to sales of other goods.

The phrase caveat emptor and its use as a disclaimer of warranties arises from the fact that buyers typically have less information than the seller about the good or service they are purchasing. This quality of the situation is known as information asymmetry. Defects in the good or service may be hidden from the buyer, and only known to the seller.

caveat emptor is a short form of Caveat emptor, quia ignorare non debuit quod jus alienum emit: “Let a purchaser beware, for he ought not to be ignorant of the nature of the property which he is buying from another party.”

A common way that information asymmetry between seller and buyer has been addressed is through a legally binding warranty, such as a guarantee of satisfaction.

A Latin term

Buying a used Tesla

Here’s a good example of the need to do your homework, your due diligence, before making a major purchase.

When car salesmen lie

An older video, but very clever.

Robert De Niro sells cars

Vulgar, but humorous.

“Best pitch ever”

Shark Tank: Present the positives. Answer questions about the negatives.

As Wen Muenyi – born and raised in a small African village – of Jax Sheets pitches his men’s bedding company, the Sharks fall in love with his candor. When Kevin O’Leary questions whether the business is worth $2.1 million, Wen responds ‘I mean, I said it, but it might not be true!’ getting a big laugh from the Sharks, and Wen explains why he’s already living the American Dream.

Yes, candor can sell, too.

“We’re gonna keep going”

They simply could not overcome the critical questions.

YouTube comments:

“Best pitch ever indeed! Lesson to learn about how to hold your poise when the unexpected happens in perhaps the biggest moment of your life! Applaud Scott and his mate for doing an amazing job!”

“Let’s make kids safer in school.” … “No, the margins are awful.”

“They’re now worth over 8 million and still sell online :)”

Sharks in sales-mode

This is an extaordinary episode. Both sides – the entrepreneurs on the one side and the sharks on the other side – are strongly in the mode of persuasion. Interestingly, the entrepreneurs made clear early why they are seeking help: they don’t understand the American market.

YouTube comments:

“Turning the tables and asking the sharks if they were committed and if they’d give them the time is superb. You can tell they’ve been in business before.”

“These two knew EXACTLY how to handle the sharks, and pitched their product extremely well.”

“The minute the gentleman admitted how he initially failed in the US market, aka realizing the results from his trial and error and learning from them, was when I saw these men were successful businessmen.”

Auskunftspflicht

The duty to provide information is a legally standardized right to receive information from or about a specific legal or natural person. The obligation to provide information may also relate to information on a specific matter.

pure wine

Jemandem reinen Wein einschenken. To serve someone pure wine.

This expression originates from the Middle Ages, when innkeepers added various ingredients to their wine (e.g. sulphur, acetic clay, water, etc.) and sold it as wine. In this way, the innkeeper could make even more out of the limited supply of wine. Only if he poured real wine, as he claimed, was he telling the truth.