New York Court of Appeals
LIN Broadcasting Corporation v. Metromedia, Inc., Respondents In the Matter of LIN Broadcasting Corporation v…
June 30, 198974 N.Y.2d 54
Summary
The New York Court of Appeals affirmed the Appellate Division's dismissal of LIN Broadcasting's specific performance action, holding that a right of first refusal does not create an irrevocable offer that must remain open after the contemplated third‑party sale is abandoned. The court explained that such rights differ from options and may be withdrawn before acceptance, even when a time limit is specified.