Select one of the following prompts, write a response to it.

1. Historically, the common law of contracts placed a great deal of emphasis on "caveat emptor" or let the buyer beware. In the 21st century, much of this doctrine has been eroded by various consumer protection laws: sellers are required to provide honest disclosures, buyers have rights of inspection that overcome the traditional notions of caveat emptor, and rights of rescission (contract) are now applicable to real estate law. Are there ethical reasons why freedom of contract should not be upheld by the law? Explain.
2. Should caveat emptor be the rule of law for real estate contracts? Why or why not?
3. Should a party who enters into a contract by mistake be released from their contractual obligations? If yes, should all mistakes be grounds for release, or just certain types of mistakes? Explain your answer. Please and Thank You