What are our options to the scenario below?
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What are our options to the scenario below?
We purchased a lawn service contract for the year. Since the purchase the
company we had a contract was sold. We never received a notice from either
company, instead heard about the sale from a friend. We would like to cancel the
contract but heard the company will not honor the cancellation.
Asked on April 24, 2019 under Business Law, Minnesota
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
When Company A is sold to Company B, all of the debts, assets, contracts, etc.are transferred to Company B.
Therefore, your contractual obligations are still in effect. The sale of the company alone would not be grounds for canceling the contract.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You can't cancel a contact because the company with whom you contracted was sold, unless the contract specifically gave you the right to cancel early if this happened (or for some other applicable reason). Contracts or accounts may be sold or transferred when companies are sold and remain valid.
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