Contracts
In New York, a 'right of first refusal' (ROFR) in a real estate contract gives the holder:
AThe right to purchase the property at any time for any price
BThe right to purchase the property if and when the owner decides to sell, at the same price and terms offered to a third party✓ Correct
CThe right to lease the property before it is offered for sale
DA guaranteed purchase price for 12 months
Explanation
A right of first refusal (ROFR) gives the holder the opportunity to purchase the property on the same terms and conditions as those offered by or to a third party, before the owner can sell to that third party.
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