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Abstract |
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< | While scholars are not certain as to when the theory of Caveat Emptor came into being, most agree that Chandelor v. Lopus is the original example of the doctrine under English common law. The decision essentially made the fairness of commercial transactions a matter that contracting parties were to handle by themselves. The court’s decision set the standard for minimalist judicial intervention in the commercial sphere and demonstrated a commitment to non interference with individual contracts. |
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> | While scholars are not certain as to when the theory of Caveat Emptor came into being, most agree that Chandelor v. Lopus is the original example of the doctrine under English common law. It is for this reason that the case is so important to western legal traditions. At issue in the case was whether a legal cause arose from the sale of defective products, where they were not warranted to be in perfect working order. The decision essentially made the fairness of commercial transactions a matter that contracting parties were to handle by themselves. The court’s decision set the standard for minimalist judicial intervention in the commercial sphere, and demonstrated a commitment to non interference with individual contracts. |
| | The Characters
Chandelor: Occupation: Goldsmith. |
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< | In early European societies goldsmiths were organized into guilds and were one of the most important and wealthy occupations in a city. Membership in guilds was compulsory, and established both quality and price control on its members. The guild also included a system of training and education for its artisans. In society, Goldsmiths often acted as bankers, since they dealt in gold and had sufficient security for the safe storage of valuable items. Their work included not only with gold but with most precious stones and metals.
Chandelor’s occupation as a goldsmith is important for a couple of reasons. Primarily, it establishes his competitive advantage in knowledge of precious stones over Lopus, demonstrates the relative power of his trade, and also serves to demonstrate the common critique that caveat emptor proved most beneficial to the upper class. |
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> | In European societies at the time of the Chandelor ruling, goldsmiths were one of the most important and lucrative trades in society. They were organized into guilds which established both quality and price control on its members. The guild also included a system of training and education for its artisans. In effect Goldsmiths often acted as bankers, since they dealt in gold and had sufficient security for the safe storage of valuable items. Their work included not only with gold but close association with most precious stones and metals.
Chandelor’s occupation as a goldsmith is important for a couple of reasons. Primarily, it establishes his competitive advantage in knowledge of precious stones over Lopus, demonstrates the relative power of his trade, and also serves to demonstrate the common critique that caveat emptor proved most beneficial to the upper class. This critique, as well as large gaps in the ability to garner information have largely led to the demise of Caveat Emptor in general commercial transactions. |
| |  Jan van Eyck’s Portrait of the Dean of the Goldsmiths’ Guild in Bruges demonstrates the lofty social status of Goldsmiths during this time.
Lopus: Occupation: Unknown. |
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< | As telling as Chandelor’s profession was for historical context, it is equally interesting that the record mentioned no descriptive detail about Lopus, neither citing any experience with precious stones nor describing his trade. Despite extraordinary efforts I have found no information on him. |
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> | As telling as Chandelor’s profession was for historical context, it is equally interesting that the record mentioned no descriptive detail about Lopus, neither citing any experience with precious stones nor describing his trade. Despite extraordinary efforts I have found no such information on him. |
| | Bezar Stone: A Bezoar stone is a mass formed in the stomach of animals that does not pass into the intestine. These stones were largely found from wild goats in Arabia and caused from toxins the animals were introduced to. The stones were largely believed to have special curative powers and were thought to be able to counteract any poison. |
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| META FILEATTACHMENT | attachment="leeuw.jpg" attr="h" comment="Jan van Eyck: Portrait of Dean of the Goldsmith Guild in Bruges." date="1234860988" name="leeuw.jpg" path="leeuw.jpg" size="11026" stream="leeuw.jpg" user="Main.MikhaileSavary" version="1" |
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| META FILEATTACHMENT | attachment="392px-Long-haired-cat-hairball.jpg" attr="h" comment="Bezoar Stone" date="1234861517" name="392px-Long-haired-cat-hairball.jpg" path="392px-Long-haired-cat-hairball.jpg" size="50012" stream="392px-Long-haired-cat-hairball.jpg" user="Main.MikhaileSavary" version="1" |
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| META FILEATTACHMENT | attachment="bezar.jpg" attr="h" comment="" date="1234861907" name="bezar.jpg" path="bezar.jpg" size="50012" stream="bezar.jpg" user="Main.MikhaileSavary" version="1" |
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