ContractsOption_contracts_and_right_of_first_refusalMEDIUM
A tenant's lease includes a right of first refusal. The landlord receives a bona fide offer from a third party at $350,000. What must the landlord do before accepting the third-party offer?
Correct Answer
B) Notify the tenant and give the tenant the opportunity to match or beat the offer
A right of first refusal gives the holder the opportunity to match or beat a third-party offer before the owner sells to someone else.
Answer Options
A
Accept the third-party offer immediatelyB
Notify the tenant and give the tenant the opportunity to match or beat the offerC
Reject the third-party offer and sell only to the tenantD
Raise the price above $350,000 before offering it to the tenantWhy This Is the Correct Answer
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