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Today's Terms
Warranties
Definition:
Warranties and guarantees are a manufacturer’s or seller’s promise to stand behind its product or service.
Lessee
Definition:
The party to whom the item is leased. In a consumer lease, the lessee is you, the consumer. The lessee is required to make payments and to meet other obligations specified in the lease agreement.
Small Claims Court
Definition:
Small claims courts resolve disputes involving claims for small amounts of money. While the maximum amounts that can be claimed or awarded differ from state to state, court procedures generally are simple, inexpensive, quick and informal.
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State Statutes Resource Center 