USA – COVID-related economic losses do not per se absolve buyers from contractual payment obligations, state Supreme Court holds
In 2015, a company and other co-obligors purchased a cleaning franchise. Pursuant to the relevant asset purchase agreement, a portion of the franchise purchase price was to be paid in monthly installments from September 2018 to May 2022 and with a final balloon payment in May 2022. Under the contract, failure to pay any of the installments would have triggered the seller’s option to demand immediate payment of all outstanding sums.