Question

What is meant by 'Right of first refusal'?

Answer 1

here we go dear..
Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party. A first refusal right must have at least three parties: the owner, the third party or buyer and the option holder. In general, the owner must make the same offer to the option holder before making the offer to the buyer. The right of first refusal is similar in concept to a call option
if like it then dnt forget to follow and mark appreancy

Answer 2

'Right of first refusal' (RFR) is a contractual right that gives it holder the option to enter the business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into the transaction with a third party.