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It is not unusual for a party to regret signing a contract. The terms “buyer’s remorse” and “seller’s remorse” would not be part of the lexicon if it was. However, with good reason, the law does not allow a party that regrets having signed a contract to escape from the contract easily, as a recent decision of the Supreme Court of Appeals of West Virginia demonstrates.
In
Horizon Ventures of West Virginia v. American Bituminous Power Partners, L.P., Horizon signed a contract with American Bituminous Power Partners (“AMBIT”) in June of 1987. Under that contract, Horizon agreed to provided consulting services to AMBIT and AMBIT agreed to pay $50,000 per year for such services “as long as [the AMBIT Grant Town Power Plant] continues to produce power.”