Legal Question in Business Law in Indiana

It depends. Usually, the contract is still valid. However, enforcing the contract against a defunct company is not usually worthwhile. If a company goes out of business, the owners are usually required to report to the state, before they can unincorporate, that all matters have been resolved. As a practical matter, however, if the company goes out of business, it's usually because of financial problems and there isn't much chance of winning anything against it.