Attorneys would want to view the agreement to give you proper analysis, but without having seen it, probably not.
Further, there seems to be no point in doing so.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.
I think you mean you signed an artist to a 1-record deal with 3 or 4 successive options for more records. But I don't really know what your contract says.
Here's the thing. No lawyer who hasn't seen the contract at issue can tell you what it says or means. Does it require the artist's delivery (of what? usually artists don't deliver albums, instead they agree to record songs which the record company owns)? Does it claim to own the rights to the artists "professionally known as" names, trademarks, etc.?
Usually record companies sign artists based on "demo" recordings, which are often re-recorded at the label's expense so they're commercially acceptable. Did that happen here?
No offense, but anyone truly in the music business needs their own music lawyer to prepare their contracts and advise them of their rights under state and federal copyright and trademark law.
Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to any follow-up comments. If you want to hire me, please contact me. Otherwise, please don't expect a further response. We need an actual written agreement to form an attorney-client relationship. I'm only licensed in CA and you shouldn't rely on this answer, since each state has different laws, each situation is fact specific, and it's impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.
I agree with my colleagues, you need to consult with an attorney to talk details and options. The answer will probably lie in the agreement. If you have not already, you should contact a contract attorney to help you structure these agreements to avoid these problems in the future.
Best of luck!