Final answer:
The Latin expression meaning 'Let the buyer beware' is 'Caveat emptor,' which places the responsibility on the buyer to be cautious and conduct due diligence when making a purchase. The FTC checks product claims, but buyers must be wary of exaggerated or ambiguous advertising.
Step-by-step explanation:
The Latin expression that means 'Let the buyer beware' and indicates that the purchaser buys at his or her own risk, absent misrepresentation, is Caveat emptor. This principle places the onus on the buyer to perform due diligence before making a purchase. While the Federal Trade Commission (FTC) checks factual claims about products to some extent, exaggeration or ambiguity in advertising is permitted as long as it is not factually false. It is critical for buyers to understand that they are responsible for verifying claims about products and services because they cannot become experts in everything they buy, and thus must be aware of the risks associated with imperfect information.