Direito de preferência

Abstract

This thesis examines rights of first refusal to enter into a business transaction, generally involving the transfer of property. Rights of first refusal are not specifically defined in the Brazilian Civil Code, although various provisions of the Code allude to them. While on one hand rights of first refusal, whether legal or contractual in origin, limit the contractual freedom of the obligor, by restricting his choice of contracting parties, on the other they generate a preference or option in the right holder to conclude the transaction contemplated by the right. Before this preference or option can be exercised, however, the obligor must have formed the free and unmistakable intention to enter into the business transaction subject to the right of first refusal, and this intention must be made manifest in relation to a third party that is effectively interested in making the contract. The holder of the right of first refusal usually becomes aware that the right has become exercisable by notice sent by the obligor, and in response the right holder is required to state whether the right will be exercised or not. If the right is exercised, a new obligation arises on the part of the obligor to enter into the transaction with the right holder, on the same terms and conditions agreed with the third party. Depending on whether the right of first refusal is personal or real in nature, violation of this obligation can give rise not only to the right to reparation of losses suffered as a consequence of the breach, but also the right to demand specific performance of the obligation, in which case any transaction made between the obligor and a third party will be unenforceable against the holder of the right of first refusal.