Tmy said:
Hold up.. Wasnt there talk that the reason some countries wanted to stop the US from going into Iraq cause they had all sorts of oil etc.. contracts wh Saddam. Are you saying that Iraq still has to honor those contracts?
Depends on the contract and the rights and parties involved. Plus, contract law is different from property law, in that in a contract, promises are exchanged. In a property transaction rights to land are exchanged for money.
In the Cuba case, the former goverment sold something (the use of land) in exchange for money to be paid in installments. The former government no longer owned that thing, so when the new government took everything the old government had they didn;t have that thing either.
It is clearer if we switch the thing from "land" to "T.V. set". If you bought a TV set from the former Cuban government, you now own that TV and they don't. When the new government seizes all the assets of the old government, they don't get the TV set and have no basis to demand its return.
An ongoing contract is different. It does not as a matter of rule pass on to a successor. For example, if Derek Jeter were to die, and I was his only heir, I would recieve all assets owned by him. I however, would be under no obligation to play shortstop for the Yankees, and they would not be under a duty to pay me for those services. Contracts are exchanges of promises, and those promises are usually seen by law as personal. There are exceptions, of course. It really depends on the details of the contract.