Section 17 Generally

• Library: Bus Trans 2005

When a business is sold, regardless of the form of the transaction, contracts with third parties and potential tort liabilities to third parties can pose severe problems and should be reviewed carefully. Contracts between the business being acquired and third parties (such as loan documents, licenses, franchises, and other agreements) often provide that the sale of all, or substantially all, of the stock or assets of the corporation, or its merger with another corporation, without the prior consent of the...