Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
right of first refusal
A potential buyer's contractual right to meet the terms of a third party's offer if the seller intends to accept that offer. ( For example, if Beth has a right of first refusal on the purchase of Sam's house, and if Sam intends to accept Terry's offer to buy the house for $300,000, Beth can match this offer and prevent Terry from buying it. Cf. RIGHT OF PREEMPTION.