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　　Under the Negotiable Instruments Article of the UCC, which of the endorser's liabilities are disclaimed by a "without recourse" endorsement?
　　a.Neither contract nor warranty liability.
　　b.Both contract and warranty liability.
　　c.Contract liability only.
　　d.Warranty liability only.
　　Explanation
　　Choice "c" is correct. Endorsing a negotiable instrument without recourse negates contract liability but not warranty liability.
　　Choices "d", "b", and "a" are incorrect. Each of these choices incorrectly addresses warranty and/or contract liability.