Definition of First refusal
A right to elect to take specified property at the same price and on the same terms and conditions as those contained in a good faith offer by a third person if the owner manifests a willingness to accept the offer. Coastal Bay Golf Club, Inc. v. Holbein, Fla.App,, 231 So.2d 854, 857.
That's the definition of First refusal in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.