Terms Used In New York Laws > General Business > Article 29-K - Motor Vehicle Parts Warranty

• Bequest: Property gifted by will.
• Chairman: means the chairman of the dormitory authority. See N.Y. Public Authorities Law 1695
• Consumer: means the person who purchased the part for purposes other than resale or any person to whom the motor vehicle on which the part is installed is transferred during the term of the warranty provided by section six hundred seventeen of this article and any other person, other than a seller, entitled by the terms of such warranty to enforce the obligations of the warranty. See N.Y. General Business Law 616
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Initial seller: means the seller who manufactured, modified, rebuilt, remanufactured, improved, reconditioned or recycled the part or who first sold the part. See N.Y. General Business Law 616
• Intermediate seller: means any seller other than the initial seller. See N.Y. General Business Law 616
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Motor vehicle: means any motor vehicle as defined in § 125 of the vehicle and traffic law which is used primarily for personal, family or household purposes. See N.Y. General Business Law 616
• Part: means any equipment or apparatus intended for use in a motor vehicle, including but not limited to a new part; a part which has been removed from another motor vehicle and modified, rebuilt, remanufactured, improved, or reconditioned; and a used part, except a used part which is removed from a motor vehicle and sold to a consumer without any attempt to improve the condition of the part and which is clearly marked as being in "as-is" condition. See N.Y. General Business Law 616
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, partnership, corporation, association or other legal entity. See N.Y. General Business Law 616
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Seller: means any person who sells parts either to a consumer or to a purchaser for the purpose of resale to a consumer. See N.Y. General Business Law 616
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}