My partner passed away in 2007. I bought his shares over the next three years. My question is he signed a contract in 2006 for our shop clothing it was for 5 years. I did not know it had a auto renewal. Am I still bound by this contract? I never signed it and they never contacted me about renewing it.
Answered on: 7/25/13, 12:43 pm by Stephen Messutta
You were partners. He signed a contract with a third party with a 5-year term. Assuming you were both general partners you are stuck with what he did. If it is a significant cost you should still consider having an attorney review the partnership agreement (sounds like there was one if there was a buyout provision) as you MAY be entitled to some reimbursement from his estate, although my suspicion is that would be relatively speaking unlikely.
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