Washington  |  Business Law

Legal Question

Asked on: 11/03/05, 1:39 pm

assuming liability when purchasing a business

I work for a US Customs contractor. One of our vendors that stores seized property recently sold his business. When the new owner did a 100% inventory, it was discovered that approximately $5,000 worth of seized property had been stolen by employees of the previous owner. Since the new owner signed the same purchase order with the same terms & conditions stating that they are liable for lost or stolen property, is it the new owner's responsibility to reimburse Customs for the loss?

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