Legal Question in Business Law in Ohio
Question for my business law class
I am writing a paper for a project for my Business Law class at DeVry University. It involves specific performance and why it should be granted in this mock case we are reading. My question is if an individual has a contract with a company and the company goes out of business, what happens to their contract? Is the company still obligated to perform the contract?
Asked on 10/11/07, 9:39 pm
1 Answer from Attorneys
Robert Rosplock
Rosplock & Perez
Re: Question for my business law class
If the company is an entity, such as a corporation or an LLC, there is no one personally obligated. While you have a valid contract. there is no way to enforce it if the contracting party is out of business. A judgment for breach against a closed company is basically without value.
Answered on 10/12/07, 8:50 am
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