Legal Question in Business Law in Minnesota
A property management company signed a contract with a condominium association....Shortly after, this company was sold to another larger company. Is the contract signed with the association now null and void? Must the company who bought out the original signer enter into a new contract?
Asked on 11/15/11, 5:24 am
2 Answers from Attorneys
David Anderson
Anderson Business Law LLC
Depends on the language of the original contract, which may have an Assignability clause, or language that " this agreement shall inure to the benefit of Assignees" etc.
I would have to read the contract to advise.
What party are you? What is your interest in the transaction?
Answered on 11/15/11, 5:43 am
I agree with Mr. Anderson. It depends what the contract states. Most contracts will state whether or not they are assignable.
Answered on 11/15/11, 6:40 am
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