Business Law

R. Gary Schreiber and Robert Schreiber signed a bill of sale for the intellectual property rights in the recorded media of Robert Knievel's stunt performances. The Schreibers stated that they paid off Knievel's motor bus in exchange for the film rights. However, the payoff for the bus occurred weeks before the bill of sale was executed and Knievel already had the bus in his possession. Twenty-five years after the bill of sale was executed and Knievel's death, the Schreibers sued Knievel's estate to obtain a declaration of the ownership rights in the intellectual property. Was there sufficient consideration to support the contract?