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I was a principle in a company in calif. retired in 2006…

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i was a principle in...
i was a principle in a company in calif. retired in 2006 with a retirement package. part of the package was medical coverage for "life" for my wife and myself. the company was sold recently to a major corporation. the new corporation would not honor the terms of contract from the original company. the company still operates under the original name , but under the new ownership. do i have any legal rites of claim against either for the failure to honor the terms of the retirement package ?
Submitted: 2 years ago.Category: Business Law
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Answered in 3 minutes by:
2/1/2016
Business Lawyer: Ely, Attorney replied 2 years ago
Ely
Ely, Attorney
Category: Business Law
Satisfied Customers: 103,550
Experience: Counselor at Law.
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Hello and welcome to JustAnswer. Please note: This is general information only for educational purposes only, and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation. Without getting into the enforceability of the terms of the contract, the answer is yes.

What happened was that the corporation essentially stepped into the shoes of the old company. In buying the old company, the corporation inherited all the rights and duties of the old company. Thus they are bound by the terms of that contract signed with that old company, and a breach of contract action is possible here, arguably.

I hope this helps and clarifies. Gentle Reminder: Use the SEND or REPLY button to keep chatting, or please rate when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of the top three faces/stars and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith.

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