Acme Investment has entered into a contact to purchase an office building from Good Office Corp. The sales price is all cash to the seller. Prior to the closing, Acme assigns its rights under the contact to Zebra Investments. Zebra shows up at the closing with the cash to buy the office building. Zebra is a competitor of Good Office, and Good Office does not want to sell the office building to Zebra. Can Good Office refuse to sell to Zebra? What issues may affect your answer?
Fill in the blank(s) with the appropriate word(s).
Good Office may have to sell the office building to Zebra Investments or be in default for failure to do so. The general rule is that contracts are freely assignable by both purchaser and seller unless assignment is prohibited in the contact. If the contract does not prohibit assignments, Good Office is obligated to sell to Zebra Investments.
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