/raɪt ʌv fɜrst rɪˈfjuːzəl/ – Phrase
Definition: quyền ưu tiên mua, quyền được lựa chọn đầu tiên.
A more thorough explanation: The legal term “right of first refusal” refers to a contractual right that gives a party the opportunity to enter into a transaction or agreement before others are given the same opportunity. This right allows the party to match the terms of a proposed agreement and essentially step into the shoes of the original offeror on the same terms.
Example: The landlord granted the tenant a right of first refusal to purchase the property before offering it to any other potential buyers.