( ( A liquid ) ( ( ( ( ( has ( a ( fixed volume ) ) ) , ) but ) ( has ( no ( definite shape ) ) ) ) . ) )
(ROOT (S (NP (DT A) (NN liquid)) (VP (VP (VBZ has) (NP (DT a) (VBN fixed) (NN volume))) (, ,) (CC but) (VP (VBZ has) (NP (DT no) (JJ definite) (NN shape)))) (. .)))
A liquid has a fixed volume, but has no definite shape.
(ROOT (S (NP (NN Liquid)) (VP (VBZ has) (NP (NP (DT a) (JJ definite) (NN volume)) (, ,) (CONJP (CC but) (RB not)) (NP (DT a) (JJ definite) (NN shape)))) (. .)))