Lemon Law is 1) a remedy for purchaser of consumer goods in order to compensate for products that repeatedly fails to meet standards of quality and performance, or a substantial defect covered by the warranty that is occurred within a certain period of time and not be fixed after a reasonable number of attempts; 2) the prices of a second hand asset biased downward because a buyer assume that a seller is disposing of the defective asset.
Related Definitions in the Project: The Project Contract
