We signed up for a black belt contract for 4000.00 including finance charges etc. in 2011. We have paid over 2500.00 to date. However they went out of business last month and were evicted from their building. The contract does not mention anything about what would happen if the were not in business. The only thing it says is under the heading of CHANGES: Facilities, equipment, club location, studio name, hours, services and the Rules, Regulations and Conditions of Membership are subject to change, without notice, at the reasonable discretion of the "BUSINESS NAME", and the member agrees to accept such changes as a condition to receiving this agreement
Sad to say, Its meaningless if the promisor if such a provision is out of business. You MAY be able to take action if the shop reopens elsewhere.
READ THIS BEFORE CALLING OR EMAILING ME: I am licensed to practice before the state and federal courts in Virginia. We have not established an attorney-client relationship unless we have a signed representation agreement and you have paid me. I am providing educational instruction only--not legal advice. You should speak with an attorney to whom you have provided all the facts, before you take steps that may impact your legal rights. I am not obligated to answer subsequent emails or phone calls unless you have hired me. I wish you the best of luck with your situation.