right of first refusal

right of first refusal. A potential buyer’s contractual right to meet the terms of a third party’s higher offer. • For example, if Beth has a right of first refusal on the purchase of Sam’s house, and if Terry offers to buy the house for $300,000, then Beth can match this offer and prevent Terry from buying it. Cf. RIGHT OF PREEMPTION. [Cases: Contracts 16, 172; Sales 24, 64; Vendor and Purchaser 18(.5), 57. C.J.S. Contracts §§ 37–41, 44, 46, 55–56, 58, 341, 506; Sales §§ 41–42, 82; Trading Stamps and Coupons §§ 7–9; Vendor and Purchaser §§ 98–106, 115–116.]

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词条贡献者

双语律师Stephanie，毕业于法国一流的高级翻译学院，擅长翻译各类与上诉案件相关的法律文件。