Practice question
A contractual right of first refusal ordinarily gives the holder what priority?
- The first opportunity to purchase on the applicable terms when the owner decides to sell
- Immediate ownership upon signing the right
- Power to compel a sale before the owner decides to sell in every case
- Power to set any price without the owner's agreement
- An automatic right to every neighboring property
Legal references
- Equatorial Realty Development v. Mayfair Theater, GR 106063, November 21, 1996, main decision: https://lawphil.net/judjuris/juri1996/nov1996/gr_106063_1996.html
- Riviera Filipina v. Court of Appeals, GR 117355, April 5, 2002, main decision: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/1/50682
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