Lemon Law Facts

lemon law: guarantee customers a refund for goods that do not match the declared quality; There are laws in some States of the United States
Lemon low facts


The law on product recall provisions of some laws that require from the manufacturer to pay full compensation for the unsafe consumer products, "the repair cannot be made within a reasonable time".

lemons market: a market that is characterized by asymmetric information on sold goods; in particular, sellers know more about the properties sold their goods than shoppers, e.g. car market; such a market leads to adverse selection

Akerlof, George a.: 1940-; American economist; received the Nobel Prize in 2001, together with m. a. Spence & j. E. Stiglitz "for analysis of markets with asymmetric information"; first described and analysed in economic literature market "lemons"; lots of engaged in building models of economic behavior, which would include various non-economic variables: psychological, sociological, etc.
lemon low facts


A "Lemon Law" actually refers to state laws that govern faulty vehicles. It offers consumers protection against defects in the car and gives them the right to demand for replacement or refund.

lemon law facts/california lemon law center