Right of first refusal

Right of First Refusal:
A right given to a person to be the first person allowed to purchase a certain object if it is ever offered for sale.

Right of first refusal: The priority right to purchase property simply by meeting a competing offer.

right of first refusal
right of way 1 : an easement or servitude over another's land conferring a right of passage 2 a : the area over which a right of way exists b : the strip of land over which is built a public road c : the land ...

Right of first refusal
Definition -
: the right to have the first opportunity to purchase property upon the owner's decision to sell at the same terms offered by a third party or at predetermined terms
Pronunciation-ri-'fyü-z&l ...

See also: Trust, Lawyer, State, Client, Relation