What happens to contractual obligations when companies are acquired or dissolved is a matter that is settled law. It has been well thought out and is probably in scope for literally dozens of legal cases a day.
Just because something is new to you, doesn't mean that professionals that deal with this every day have never thought about it.
(The actual answer depends on the State, entity type, if it was dissolved or suspended, if a bankruptcy is involved, etc. and you should just consult a contracts lawyer)
Edge cases aren't consequences; they're trivia. And at the the of day, our legal system is governed by humans who interpret and argue. Until humans are perfect, we'll never write a perfect law.
