What does "baronet" mean?

Baronet: A dignity or degree of honor next below a baron and above a knight, having precedency of all orders of knights except those of the Garter. It is the lowest degree of honor that is hereditary. The baronets are commoners. Note: The order was founded by James I. in 1611, and is given by patent. The word, however, in the sense of a lesser baron, was in use long before. "Baronets have the title of 'Sir' prefixed to their Christian names; their surnames being followed by their dignity, usually abbreviated Bart. Their wives are addressed as 'Lady' or 'Madam'. Their sons are possessed of no title beyond 'Esquire.'" Cussans.