> if all parties involved agreed to this "contract"
Imagine that your grandfather bought a house in an HOA, then he died and you inherited it. You're now bound by a "contract" that you never signed or agreed to. Actual contracts can't bind next of kin, only those who actually signed them.
I guess you bound yourself to that contract by accepting your inheritance from your grandfather. Various other contracts can be passed on this way too.
You always had the option to say no after all, and not take the house.
Any kind of transferrable contract that has 'positive value'.
For example "Bob agrees to lend $5k to Fred, and to ensure Fred is given flowers every day for 10 years. Fred agrees to repay Bob $10k in 10 years time".
If bob dies, bobs heir can take on bobs side of that contract of delivering flowers, and getting the 10k end-of-contract payment from Fred.
Imagine that your grandfather bought a house in an HOA, then he died and you inherited it. You're now bound by a "contract" that you never signed or agreed to. Actual contracts can't bind next of kin, only those who actually signed them.