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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.
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