Heat oven to 450°F. Line 15x10-inch pan with sides with foil. In small bowl, mix preserves, tarragon and mustard; set aside.
Heat 10-inch nonstick skillet over medium-high heat. Sprinkle both sides of lamb chops with salt and pepper; place in hot skillet. Cook 4 to 6 minutes, turning once, until brown on both sides. Place lamb in pan; spoon apricot mixture evenly over tops.
Bake 7 to 10 minutes or until desired doneness.