Right of first refusal ( ROFR or RFR ) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party.

* ROFO: Carl holds a ROFO instead of an ROFR.

Not every ROFR is transferable ; some are personal to the original holder.

An ROFR can cover almost any sort of asset, including real estate, personal property, a patent license, a screenplay, or an interest in a business.

Because an ROFR is a contract right, the holder's remedies for breach are typically limited to recovery of damages.

A ROFR is an option to enter a transaction on exact or approximate transaction terms.

* ROFR: Abe owns a house that he plans to sell to Bo for $ 1 million.

The following are all variations on the basic ROFR.

The ROFR is limited in time.

Carl may assign his ROFR to Bo.

Bo may re-sell it free of the ROFR.

Abe offers the property to Carl under the ROFR and Carl declines.

A fully drafted ROFR addresses all of these types of issues and more, and in the case of valuable or complex transactions is subject to negotiation and review by business transaction attorneys.

However, many ROFR are not completely specified.

Even the best drafted ROFR agreements suffer a high risk of dispute and litigation because they are anticipating future transactions and contingencies that are unknowable at the time the ROFR originates.

The mythological private eye differs from his counterpart in real life in two essential ways.

Even more important, in his Poetics, Aristotle differs somewhat from Plato when he moves in the direction of treating literature as a unique thing, separate and apart from its causes and its effects.

In Aristotle's analysis of tragedy in the Poetics, we find an attempt to isolate the art, to consider only those things proper to it, to discover how it differs from other arts, and to deal with the effects peculiar to it.

Certain pianistic traits are common to all five Schnabelian renditions, most notably the `` Schnabel trill '' ( which differs from the conventional trill in that the two notes are struck simultaneously ).

For example, a Browning trap version of the Superposed over/under, the Broadway ( from $350 up, depending on grade ), differs from standard models in that it is equipped with a full beavertail fore end, a cushion recoil pad and a barrel-wide ventilated rib for fast sighting.

The bronchial artery in its course and distribution differs somewhat from that found in other mammals.

Whether this abnormal TSH differs chemically from pituitary TSH, or is, alternatively, normal TSH with its period of effectiveness modified by some other blood constituent, cannot be decided without chemical study of the activity in the blood of these patients and a comparison of the substance responsible for the blood activity with pituitary Aj.

In all the respects just indicated Utopian communism differs from previous conceptions in which community of possessions and living plays a role.

In this respect, public education in the large cities differs from education in the smaller cities and consolidated school districts.

Time codes are usually published in the form of UTC, which differs from TAI by a well-known integer number of seconds.

Advaita Vedanta differs from the view that karma is a law of cause and effect but instead additionally hold that karma is mediated by the will of a personal supreme god.

But alchemy differs from modern science in the inclusion of Hermetic principles and practices related to mythology, religion, and spirituality.

The term allocution differs from distribution as distribution implies that the original party loses some kind of control over the information.

It differs from other dialects in vocabulary and pronunciation: it appears to be spoken slightly nasally, and could be compared to the Queen's English.

Mammalian axonal arborization ( the branching structure at the end of a nerve fiber ) also differs from one nerve fiber to the next.

It differs from a digital signal, in which a continuous quantity is represented by a discrete function which can only take on one of a finite number of values.

However, Mormon doctrine differs from Arianism in a number of ways, particularly in the doctrines of eternal progression and exaltation.

In Central and South America, the alligator family is represented by five species of the genus Caiman, which differs from the alligator by the absence of a bony septum between the nostrils, and the ventral armour is composed of overlapping bony scutes, each of which is formed of two parts united by a suture.

This type of cooking typically caters to American styles and differs significantly from traditional Chinese cuisine.

It differs from penicillin only by the presence of an amino group.

Bow hunting differs markedly from hunting with firearms, as the distances between the hunter and the game are much shorter in order to ensure a humane kill.

The purpose of + 1-areacode-555-1313, a pay-per-use " name that number " reverse lookup information service introduced in the mid-1990s, differs from ANAC.

In other words AVL tree is a binary search tree where the height of the left subtree differs from the height of the right subtree by at most 1 level, if it exceeds 1 level then rebalancing occurs.

Apparent Sidereal Time ( Local or at Greenwich ) differs from Mean Sidereal Time ( for the same locality and moment ) by the Equation of the Equinoxes: This is a small difference in Right Ascension R. A. () ( parallel to the equator ), not exceeding about +/- 1. 2 seconds of time, due to nutation, the complex ' nodding ' motion of the Earth's polar axis of rotation.

The U. S. syndicated version of the show, called Dudley Do Right And Friends, differs from The Dudley Do-Right Show, featuring most of the same recurring cartoon segments, but a different episode selection.

The New Right also differs from the Old Right ( 1933 – 1955 ) on issues concerning foreign policy with the New Right being opposed to the non-interventionism of the Old Right.

The speech on " One Very Important Thought " differs between the two releases, as does the name of the song " Boc Maxima ", renamed " Bocuma " for Music Has the Right to Children.