<ol>
<li><p>The old maxim "Let the buyer beware" suggests that (as a buyer we are responsible) for inspecting merchandise for flaws before paying for it.</p></li>
<li><p>The old maxim "Let the buyer beware" suggests that (buyers are responsible) for inspecting merchandise for flaws before paying for it.</p></li>
</ol>
<h1>2 is correct. Why? Is it just because it is more terse and concise?</h1>