If the President of a corporation is the only officer and were to die and then all rights were passed to his wife, would the corporation’s contracts with other parties remain valid even though the wife was not an officer?
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If the President of a corporation is the only officer and were to die and then all rights were passed to his wife, would the corporation’s contracts with other parties remain valid even though the wife was not an officer?
Would the wife have the same rights to the corporation as the husband President?
Asked on October 3, 2015 under Business Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Yes, the corporation's contracts would remain valid, because those are contracts with the corporation, not with the President personally, and the corporation, which is a separate legal person, is still in existence. Going forward, other parties might not choose to renew or continue contracts if they only wanted to work with the President personally but any in-existence contracts will continue for their duration, so long as the corporation fulfills its obligations doesn't breach the contracts.
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