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Before you settle on a used set of wheels, check its title. If the title is branded, you’ll want to get more information. “A branded title means that a car was totaled and then put back ...
Lemon law. Lemon laws are laws that provide a remedy for purchasers of cars and other consumer goods in order to compensate for products that repeatedly fail to meet standards of quality and performance. Although many types of products can be defective, the term "lemon" is mostly used to describe defective motor vehicles, such as cars, trucks ...
Lemon (automobile) In American English, a lemon is a vehicle that turns out to have several manufacturing issues affecting its safety, value or utility. Any vehicle with such severe issues may be termed a lemon, and by extension, the term may include any product with flaws too great or severe to serve its purpose.
Signed into law by President Gerald Ford on January 4, 1975. The Magnuson–Moss Warranty Act (P.L. 93-637) is a United States federal law (15 U.S.C. § 2301 et seq.). Enacted in 1975, the federal statute governs warranties on consumer products. The law does not require any product to have a warranty (it may be sold "as is"), but if it does ...
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Stein's online search for a used car led him to M&H Auto Sales and Service, 2301 Parade St. He had spotted a 2011 Honda CR-V on the car lot's Facebook Marketplace ad and drove to Erie on June 3 to ...
In American slang, a lemon is a car that is found to be defective after it has been bought. Akerlof's theory of the "Market for Lemons" paper applies to markets with information asymmetry, focusing on the used car market. Information asymmetry within the market relates to the seller having more information about the quality of the car as ...
Adverse selection. In economics, insurance, and risk management, adverse selection is a market situation where asymmetric information results in a party taking advantage of undisclosed information to benefit more from a contract or trade. In an ideal world, buyers should pay a price which reflects their willingness to pay and the value to them ...