Option on a film
I am trying to get out of a contract. I optioned my screenplay to be produced by an indie film company. I was also deemed as co-producer. I now want to get out of the contract. It's for two years. I was never paid anything for it, not even $1.00. The contract says that I still own it until they raise money for it which they're not currently doing or will ever do at this point. I've asked for a dissolution and they're asking me to sign it guaranteeing them a certain (high) percentage if it goes to the market for 'sale'. The contract also says that both parties need to sign off on the dissolution. They're refusing to do it, yet also refusing to push the project ahead. Can I sell it on my own since I am still the owner? Do I have any legal rights? Do they? The contract also says that no party may assign any of its rights or obligations without prior written consent of the other party and if it's attempted, it's deemed null and void. Someone told me that because they didn't 'pay' me even $1.00 for it, there's a way for me to get out of it.
Re: Option on a film
Although it's true that consideration is a required component of a contract, in most cases, under California law, valid consideration is presumed to exist in the mutual promises between the parties.
The option you signed is a contact INTENDED to be binding for 2 years... during which time you are NOT free to sell it to anybody else... even though ownership hasn't transfered. The option holder is the ONLY party who can buy the material from you during the term of the option. That's the idea behind EXCLUSIVE rights.
That said, you should have a lawyer (like any of us who've responded here) take a good look at the contract to tell you your chances of getting out of the deal.
Unfortunately, this is a classic example of why consulting a lawyer should be done BEFORE signing a contract. After your signature is on the paper, it's often too late to do anything about a bad deal.
Re: Option on a film
Although it's true that consideration is a required component of a contract, in most cases, under California law, valid consideration is presumed to exist in the mutual promises between the parties.
The option you signed is a contact INTENDED to be binding for 2 years... during which time you are NOT free to sell it to anybody else... even though ownership hasn't transfered. The option holder is the ONLY party who can buy the material from you during the term of the option. That's the idea behind EXCLUSIVE rights.
That said, you should have a lawyer (like any of us who've responded here) take a good look at the contract to tell you your chances of getting out of the deal.
Unfortunately, this is a classic example of why consulting a lawyer should be done BEFORE signing a contract. After your signature is on the paper, it's often too late to do anything about a bad deal.
Re: Option on a film
Although it's true that consideration is a required component of a contract, in most cases, under California law, valid consideration is presumed to exist in the mutual promises between the parties.
The option you signed is a contact INTENDED to be binding for 2 years... during which time you are NOT free to sell it to anybody else... even though ownership hasn't transfered. The option holder is the ONLY party who can buy the material from you during the term of the option. That's the idea behind EXCLUSIVE rights.
That said, you should have a lawyer (like any of us who've responded here) take a good look at the contract to tell you your chances of getting out of the deal.
Unfortunately, this is a classic example of why consulting a lawyer should be done BEFORE signing a contract. After your signature is on the paper, it's often too late to do anything about a bad deal.
