The Conways received close to $40 million from the sale. However, shortly after the sale, the Conways regretted signing the non-compete agreements and filed a lawsuit stating that the agreements were invalid for lack of consideration. Were they correct?

Incorrect

Explanation:

The Bard company has paid millions of dollar of consideration and requires that the Philip Conway Inc. would transfer the ownership of the RM Corporation to Bard. The court dismissed the case and said that the subsidiary is the property of Bard now because their was a flow of consideration from the part of Bard.