Please remember the following issues with meniscal tear.
1) This will not cause either giving away sensation of knee nor buckling of the knee. This happens with ACL injuries. Meniscal tears cause pain and other mechanical issues.
2) Meniscal tear usually wont heal spontaneously or with any medications.
3) Unless the meniscal tear is in the periphery (red zone) they can't be repaired, rather they will be trimmed arthroscopically.
4) Removing the part of the meniscus may relieve you from mechanical pain.
5) Usually the results of surgery to lateral meniscus are poor compared to medial meniscus
6) Menisectomy won't eliminate the chances of future arthritis
. Infact many patients with previous menisectomy develop arthritis because part the cushioning effect is removed.