Contracts
What is a 'right of first refusal' clause in a Hawaii real estate contract?
AA. The seller's right to refuse any offer below the listing price
BB. A party's right to match any offer before the owner accepts an offer from a third party✓ Correct
CC. The buyer's right to cancel without penalty within 3 days
DD. The lender's right to approve all purchase offers
Explanation
A right of first refusal gives the holder the right to match any third-party offer before the property owner accepts it, typically used in leases or co-ownership arrangements.
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