Consumer Law, Warranties Does New Ownership Have To fulfill contract?

[kumar1987]

I have recently purchased a Holiday Inn Express Hotel and Suites. When I finally took over the property I realized the previous owner had made a really bad contract and it was gonna lose me over 100,000 thousand dollars. The contract is for a block of rooms at a really low rate during the 2010 US open. This contract is done through a third party travel agent and is for NBC sports. Is there anyway I can void this contract, or re-negotiate being the new owner of the property? I believe that I am giving them sufficient amount of time to find new accommodations, the event is 9 months away. Is there anything I can do to get by this contract?

 

[dee_dub]

Assuming (very dubiously) that this is for real...

a) You should have had a lawyer reviewing the documents when you purchased the business, and should be asking their opinion.

b) This should have been disclosed when you did your due diligence prior to purchase. You DID do your due diligence, did you not?

c) When you purchase a business, you purchase it subject to its existing contracts. If you didn't want those, you should have done an asset purchase, not purchased the business itself.