This is a difficult question to answer without being able to review the terms of the contract. Generally the terms and conditions govern, such as termination, what constitutes a breach, etc. Additionally the terms of the sale/purchase of the business will affect the answer. Without reviewing the foregoing, if the purchasing company bought the existing company with which you have a contract as an ongoing concern, that is to say all assets and liabilities, then your contract could be construed as being purchased also. Yet, the days of slavery and indentured servitude have long since passed, at least in the U.S., so if you do not like new management, or your job duties have been altered, you may have an argument to terminate your contract. Again, without reviewing the contract terms and the sale/purchases terms, I am only attempting to give you an opinion based on your question.
Yes, generally contracts are assignable, which means the parties are free to sell to or merge with another company, and still keep the contract in force.
It's unclear why you signed a contract in the 1st place that you didn't read or understand, so read it now. Check to see what it says about assignability, or hire a lawyer for help.
As the other attorneys have mentioned, the terms in the contract you have with this company should tell you whether it may be "assigned" to a successor company. But if I understand this correctly, the company with which you contracted still exists, so just because the ownership has changed there would be no change in your contract. It's the same thing as having a management change; the new owners may have changed the internal makeup of the company, but it's still the same company. It merely has different owners.
When you contract with a legal entity, unless there are specific terms in the contract connected to the individuals who run the company, you're not contracting with live people but with the business as a whole. Were you to form a corporation or limited liability company and you would decide to sell it to someone else and leave your business, one of the big attractions -- and reasons for giving your company a specific value -- would be the value of the contracts the company has. Were a company to be able to get out of contracts because of a change in management or ownership, we'd be in a very unstable business environment. Believe it or not, keeping contracts through changes is generally a very good thing.
Of course, as with all of my online answers, my advice is limited by the brevity of your question and the facts provided. Additional information would be required to provide definitive legal advice, so this answer isn't intended to, and does not, create an attorney-client relationship.
Good luck!
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