opportunity of a party to match the terms of a proposed contract before the contract is executed. In some states, a tenant whose apartment is converted to a condominium is given a right of first refusal for the unit when it is sold. This means the tenant may purchase the unit at the same price and terms as any outside purchaser.
right of someone to be offered a right before it is offered to others. For example, a baseball team may have the right of first refusal on a ballplayer's contract, meaning that the club can make the first offer, or even match other offers, before the player plays for another team. A company may have the right of refusal to distribute or manufacture another company's product. A publishing company may have the right of refusal to publish a book proposed by one of its authors.
the opportunity of a party to match the terms of a proposed contract before the contract is executed.
Example: In some states, tenants whose apartments are converted to condominiums are given a right of first refusal for the unit when it is sold. This means the tenant may purchase the unit at the same price and terms of any outside purchaser.
