A new employer has no obligation to require a new contract from you, nor any particular reason for doing so. When business is purchased, all existing contracts are assigned to the new business -- including employment contracts.
So, if the new employer is asking you to sign a new contract, then it must have additional or different terms and conditions that it wants to impose on your employment.
The employer has a right to require you to agree to the new contract -- you have the right to refuse. If you do, the employer can terminate your employment. Your ability to obtain unemployment after that would depend on whether or the new employment contract was substantially different in hours, wages and benefits (e.g., 25% lower wages is considered substantial for the purposes of obtaining unemployment benefits.
You can certainly make a reasonable requirement to show the contract to a lawyer before you decide whether to agree to the new terms and conditions. There is, however, no statutory time for this -- though, I think two weeks would be a reasonable period of time.
Hope this helps.
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