(Figure: Determining Surplus and Loss) In the graph, which price would allow for a binding price floor? 
Definitions:
Implied Warranties
Legal guarantees that automatically apply to products or services, ensuring they meet certain minimum standards.
Uniform Commercial Code Sections 2-508 and 2A-513
Specific provisions within the UCC related to the rights of parties in sales of goods and leases, respectively.
Right to an Accord and Satisfaction
A legal settlement where both parties agree to accept terms that differ from the original agreement to settle a dispute.
Nonconforming Goods
Products delivered by a seller that do not meet the specifications or requirements as stated in a contract of sale.
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