Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
You can agree to assume the lease for the cash register, but the assignment is subject to the company's approval - basically, this has created an option for the company to either cancel the service or allow you to continue in the place of the previous owner.
After the initial agreement between the company and the previous owner, if they signed an agreement that said the contract was transferable, that subsequent agreement would be the controlling clause - it basically amended the contract to make the agreement transferable.
Please let me know if you have any additional questions. Thanks.
If you agreed to assume the cash registers and stereo equipment, then you're obligated unless the previous owner and companies did not execute the appropriate documentation to turn the non-transferable contracts ino transferable contracts.
IF the previous owner and companies did not execute these papers prior to your execution of the lease agreement in which you agreed to assume these other two contracts, I believe you can take the position that you aren't obligated to assume the contracts because they hadn't been transferred at the time of closing. Therefore, the previous owner did not have proper authority to contract with you to assume those contracts.
I think you can avoid assumption of the contracts because the previous owner didn't have authority to sign the contracts over when he did so!
Please let me know if you have any additional questions. If not, click "Accept" so I may receive credit for my time. Thanks.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).