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right of first refusal
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right of first refusal


The suit alleged a violation of the right of first refusal and sought damages.
  the right of a party to match the terms of a proposed contract before anyone else is given the opportunity — especially common in real estate transactions
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Notes:
A right of first refusal is like a preemptive right except different terms are preferred in different industries.
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Samples:
  • The suit alleged a violation of the right of first refusal and sought damages.
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Associated words [difficulty]:   right of first refusal
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Most commonly used in these subjects:   Law, Business, Personal Finance, Sports
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