Why are the ABS and TRACTION CONTROL lights!!!!

I just purchased this car approximately three weeks ago and yesterday I slammed on my brakes to avoid hitting a car, and these lights came on. I looked at the manual and it said that they would go off when the brakes cooled down. They did go off. But today while parking my car I applied quite a bit of pressure to the brakes, and now the darn lights are on again. Any suggestions? How much will this cost to fix?

Check the amount of pads you have left and then also look at the fluid level in the resevoir.