Legal Definition and Related Resources of First Right Of Refusal
Meaning of First Right Of Refusal
The grantor of the first right of refusal , before dealing with a person other than the grantee of that right, must inform the grantee of what the other person is willing to offer in the way of terms, and the grantee has the right then to compel the grantor to enter into an agreement with the grantee on the same terms as that other was willing to offer or to decline to exercise such right. If the grantee declines to exercise his right or refuses, then the grantor is free to make the deal with the third party on the same terms as disclosed to the grantee before such refusal. Differs from an option in that the term of the transaction is definite and settled at the time of the grant of the option itself and the optionee is not compellable to exercise the option before its expiration date.
Related Entries of First Right Of Refusal in the Encyclopedia of Law Project
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First Right Of Refusal in Historical Law
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Legal Abbreviations and Acronyms
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