In the 1960s, President Kennedy developed what is known as the Consumer Bill of Rights. This legislation represents limitations to the legal concept of ________ that was pervasive before that.

Caveat emptor is a Latin phrase that means let the buyer beware and its a principle that holds that it is the buyer's responsibility, not the seller's, to find out the quality of goods or service they are purchasing, and to identify and accept any faults in them. In other words, it holds that when people buy, they do it at their own risk. Before the 1960s, this concept was widely spread and pervasive in the U.S. and it usually put buyers at a disadvantage because they had less information than the seller about the good or service they were purchasing.

The Consumer Bill of Rights prioritized consumer protection and put limitations to the caveat emptor concept by establishing the following rights: the right to safety (protection against the marketing of products and services that are hazardous), to be well informed of the products and services, to choose (to have available a variety of products and services at competitive prices), to be heard, to education, and to redress when the consumer receives a product with problems or gets a poor service.