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Simple English definitions for legal terms

right of first refusal

Read a random definition: Magistrate Judge, U.S.

A quick definition of right of first refusal:

Right of first refusal: This is when someone has the first chance to buy something before anyone else. For example, if Beth has the right of first refusal to buy Sam's house and someone else offers to buy it for $300,000, Beth can choose to buy the house for that same price instead of letting the other person buy it. This is different from the right of preemption, which means someone has the right to buy something before it is offered to anyone else.

A more thorough explanation:

A right of first refusal is a contractual agreement that gives a potential buyer the first opportunity to purchase a property or asset before it is offered to others. This means that if the owner of the property or asset receives an offer from a third party, the potential buyer with the right of first refusal has the option to match the terms of the offer and purchase the property or asset instead.

For example, let's say that John has a right of first refusal on a piece of land owned by Jane. If Jane receives an offer from a developer to purchase the land for $500,000, John has the option to match that offer and purchase the land instead of the developer.

Another example could be a company that has a right of first refusal on a patent owned by an inventor. If another company offers to purchase the patent for a certain amount, the original company with the right of first refusal can choose to match that offer and acquire the patent instead.

The purpose of a right of first refusal is to give a potential buyer the opportunity to purchase a property or asset that they have a strong interest in, without having to compete with other buyers in an open market. It can also be a way for the owner of the property or asset to ensure that it is sold to someone they trust or have a good relationship with.

right of first publication | right of fishery

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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