noun
right of first refusal; preemptive right to purchase
Legal and business term: the right to buy something before it is offered to others. Often used in contracts, real estate, and shareholder agreements.
契約には先買権の条項が含まれている。
The contract includes a right of first refusal clause.
株主は先買権を行使して新株を取得できる。
Shareholders can exercise their preemptive right to acquire new shares.
Compound of 先 (before, ahead), 買 (buy), and 権 (right). The exact historical derivation is uncertain, but the term is a modern legal coinage.