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Meaning of “first refusal” in the English Dictionary

"first refusal" in British English

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first refusalnoun [U]

uk   /ˌfɜːst rɪˈfjuː.zəl/ us   /ˌfɝːst rɪˈfjuː.zəl/
the opportunity to buy something before it is offered to anyone else: My sister's selling her car and she's offered me first refusal on it.
(Definition of first refusal from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"first refusal" in Business English

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first refusalnoun [U]

uk   us  
LAW →  right of first refusal
(Definition of first refusal from the Cambridge Business English Dictionary © Cambridge University Press)
Translations of “first refusal”
in Chinese (Simplified) 优先购买权…
in Chinese (Traditional) 優先購買權…
What is the pronunciation of first refusal?
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