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June 9th, 2007, 02:07
I've never heard of "right of last refusal".

"Right of first refusal" is the term I'm used to hearing. If PB has right of first refusal, it would mean that if JoWood wants to make a game/sequel/whatever, they must first ask PB. If PB refuses, then JoWood is free to ask someone else to do the work. I suppose that would be equivalent to "right of the first option".
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