Legal Question in Business Law in Georgia
Honoring contracts
If a business is sold do the new owners have to honor all existing contract?What I am specifically interested in is the sale of our paper mill.If the labor force is under contract with management does the new owner have to honer the labor aggreement or can he come in and say we are going to start all over?
Asked on 9/02/00, 2:51 pm
1 Answer from Attorneys
Charles W. Field
Charles W. Field, Attorney at Law
Re: Honoring contracts
Generally, if you buy a business you buy the assets as well as the liabilities. However, there may be exceptions. You should consult with an attorney under circumstances where all the facts can be considered.
Answered on 10/05/00, 12:34 pm
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