A right of first refusal is the right,conferred by a written contract,to:
A) purchase real property and lease it back to the selling company for its use.
B) abide by the general terms and conditions of a proposed purchase until a formal acquisition agreement can be signed.
C) purchase property on the same terms offered by or to a third party.
D) give the holder only the right to negotiate the purchase of the property before the seller enters negotiations with another party.

Question

Quizplus · Accepted Answer

A right of first refusal gives the holder the option to purchase a property under the same terms as offered to or by a third party. This means that if the owner decides to sell the property, the holder with a right of first refusal has the first opportunity to purchase the property under the same terms as offered to any other potential buyers.

A Right of First Refusal Is the Right,conferred by a Written