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For legalg If the investor DOES sign the contract, and since…

for legalgIf the investor DOES...
for legalgIf the investor DOES sign the contract, and since it does say “FIRST RIGHT OF REFUSAL”, would he be able to simply say no to “any” sale? Or would that typically mean there first has to be an offer on the car, and if he can’t meet that offer to pay that price himself and buy the car, thenthe car can still be sold to the buyer? Or does it mean that he can just continue to refuse sales for “infinity”, even if he chooses not to buy the car himself?
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3/21/2018
legalgems
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Also thank you for the bonus- it came through-again much appreciated along with your kind words.

I located this article - it is the in the context of real estate but the underlying principles apply to general right of first refusals.

For example please see:

A recent Maryland appellate court decision held that the optionor may be guilty of bad faith when it contracts to sell property to a third party subject to a condition that has the primary purpose of frustrating the optionee’s rights. That is particularly true when the added condition to the third-party sale would be of little benefit to the optionor. Bramble v. Thomas, 2007 WL 49255 (Md., Jan. 8, 2007)

That is consistent with the general implied covenant of good faith and fair dealing implicit in all contracts.

So basically if a party has a right of first refusal the court will expect that party to exercise it (if they choose) when a prospective buyer is found.

Generally it is triggered when the seller either lists the property for sale, or obtains an offer. (That would ideally be clarified in the contract).

If there is an offer and the person with the first right of refusal can't meet the price, then it is void in most instances (the idea is that the person with the first right of refusal must meet the terms of the offer in order to step into the shoes of the potential purchaser.)

One cannot exercise a right of first refusal and then not go through with it- the party doing so may be sued for breach.

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Customer reply replied 1 month ago
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