A __________ is the right,conferred by a written contract,to purchase property on the same terms offered by or to a third party.
A) letter of agreement
B) letter of intent
C) right of first refusal
D) right of first negotiation

Question

Quizplus · Accepted Answer

A right of first refusal gives the holder the right to purchase property or assets before they are offered to anyone else. This right is typically granted to tenants, business partners, or co-owners in a property or business. It allows them to match the terms of any offer made by a third party and purchase the property if they choose to do so. A letter of agreement or a letter of intent are not the same as a right of first refusal, and a right of first negotiation is not a commonly used term in real estate or business transactions.

A __________ Is the Right,conferred by a Written Contract,to Purchase