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Louisiana Civil Code Article 2625 defines a right of first refusal as a party’s agreement not to “sell a certain thing without first offering it to a certain person.betwixt bryan mccann farms, inc. and roy o martin lumber company, llc., the main lesson for everyone else to take away from this is the awesomeness of louisiana timber and resources.
The right given to the latter in such a case is a right of first refusal that may be enforced by specific performance.”
The right of first refusal is a unilateral obligation; the grantor alone is obligated to act and the person holding the right of first refusal is not required to accept the offer, though failure to accept the offer permits the grantor to then sell the thing to a third party. See ALAIN LEVASSEUR & DAVID GRUNING, LOUISIANA LAW OF SALE AND LEASE: A PRÉCIS § 1.1.4).
Posted by wst... at 07:59