Purchase Options, ROFRs, and ROFOs: Theory and Practice

ACREL, Spring 2016

32 Pages Posted: 22 May 2016

See all articles by Carl J. Circo

Carl J. Circo

University of Arkansas - School of Law

Date Written: January 2016

Abstract

“Purchase Options, ROFRs, and ROFOs: Theory and Practice” is a review of the contract and real estate law principles governing purchase options, rights of first refusal, and rights of first offer. The first section of the paper focuses on how contract law and property law principles address the common issues lawyers face with options, rights of first refusal, and rights of first offer. The second section of the paper discusses what the law and economics literature and game theory offer to lawyers dealing with rights of first refusal and rights of first offer. The third section of the paper analyzes recent cases that invoke theory to resolve practical problems in this area of law. The paper pays special attention to the applicable provisions of the Restatement (Third) of Property: Servitudes.

Suggested Citation

Circo, Carl J., Purchase Options, ROFRs, and ROFOs: Theory and Practice (January 2016). ACREL, Spring 2016. Available at SSRN: https://ssrn.com/abstract=2781802

Carl J. Circo (Contact Author)

University of Arkansas - School of Law ( email )

Fayetteville, AR 72701
United States
479.575.2714 (Phone)
479.575.3320 (Fax)

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