Contracts
A 'right of first refusal' in a Michigan real estate contract gives the holder:
AThe right to set the asking price for the property
BThe right to match any offer the seller receives before the seller can accept it✓ Correct
CPriority over all other buyers regardless of offer price
DAutomatic ownership if the seller decides to sell
Explanation
A right of first refusal entitles the holder to match any bona fide offer the seller receives before the seller can accept it. It does not guarantee purchase — only the opportunity to match the offer.
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