A right of first refusal (ROFR) is a legal term that refers to the right of a person or entity to have the first opportunity to purchase or acquire something before it is offered to others. In the context of business and finance, a ROFR is often included in contracts or agreements as a means of protecting the interests of one party in the event that the other party decides to sell or transfer ownership of an asset or business.

For example, if a shareholder of a company has a ROFR, they have the right to purchase the shares of the company that are being offered for sale before they are offered to anyone else. A ROFR can be a valuable tool for protecting the interests of shareholders or other stakeholders in a business.