Legal Definitions - pro defectu emptorum

Pro defectu emptorum is a Latin phrase that translates to "for want of purchasers" or "due to a lack of buyers."

This term describes a situation where a sale or transaction cannot be completed because there are insufficient or no interested parties willing to buy the item, property, or shares being offered.

Here are some examples illustrating this concept:

• Imagine a local government attempting to sell a parcel of land that has been designated for commercial development. Despite extensive marketing and several public announcements, no developers submit bids or express serious interest in acquiring the property. In this scenario, the land remains unsold pro defectu emptorum, meaning it couldn't be sold because there were no willing buyers.

• Consider a small business owner who decides to retire and puts their established bakery up for sale. They list the business with a broker, advertise widely, and even offer attractive financing options. However, after several months, no potential buyers come forward with a serious offer to purchase the bakery. The business remains on the market pro defectu emptorum, indicating a lack of individuals interested in acquiring and operating it.

• A technology startup launches a new product through a crowdfunding campaign, aiming to raise a specific amount of capital by selling pre-orders. Despite the innovative nature of the product, the campaign fails to reach its funding goal, with many units remaining unsold. The company's inability to fully fund its production is pro defectu emptorum, as there weren't enough customers willing to purchase the product during the campaign period.