Final answer:
The product label indeed serves as a legal standard and must contain factual information according to regulations by bodies like the FTC. While not mandated, consumers are encouraged to read labels to make informed decisions, reflecting the 'caveat emptor' principle, with modern laws aiming to ensure truth in advertising.
Step-by-step explanation:
The statement 'The product label is the law and one must legally read it prior to each use of the product' can be considered true in many regulatory contexts. According to the Federal Trade Commission (FTC) and other regulatory bodies, businesses must make sure that their products contain accurate nutritional information and appropriate warning labels, particularly when it pertains to food, beverages, tobacco products, and other consumer goods. The mandate for product labels to provide factual information serves as a consumer protection measure and helps prevent fraud or misleading advertising. In that sense, while the law may not specifically require each consumer to read these labels before every use, the labels must provide valuable information that must be accurate and compliant with regulations, thereby serving as a legal standard for product information.
An important concept here is caveat emptor, meaning 'let the buyer beware.' This ancient phrase implies the buyer must be cautious and is responsible for checking the quality of goods before purchasing. However, modern regulations aim to ensure the buyer has access to truthful information to make informed decisions.