This paper analyzes rights of first refusal and rights of first offer in a multiple-buyer, sequential bargaining setting. A right of first refusal entitles the right-holder to purchase a subject asset on the same terms as those accepted by a third party. A right of first offer requires a seller to first offer the right-holder to buy a subject asset and prohibits the seller from subsequently selling the asset to a third party on better terms than those offered to the right-holder. We examine when and how such rights yield benefits to, or impose costs, on the right-holder and the seller. We show that a right of first refusal transfers value from other buyers to the right-holder, but may also force the seller to make suboptimal offers. A right of first offer induces the seller to lower his first-period offer, which will tend to increase the net surplus to the seller and right-holder, but also forces the seller to make suboptimal subsequent offers. We find conditions under which it is in the ex ante interest of the seller and the right-holder to contract for a right of first refusal or a right of first offer, respectively.

Equine Law and Horse Sense is designed for people, businesses, and organizations in the horse industry and for the lawyers who serve them.

This book explores how discussions of environmental policy increasingly require scholars and practitioners to integrate legal-economic analyses of property rights issues. An excellent array of contributors have come together for the first time to produce this magnificent book.

BRIEF SYNOPSIS GOD BLEW, AND THEY WERE SCATTERED, BOOK III The continuing saga of the Taelmann (Tallman) family finds young William Tallman in the Oley Valley of Pennsylvania, some fifty miles from Philadelphia, where he shall remain from 1740 until 1780. There, circa 1742, he marries Anne Lincoln. Anne is the daughter of Mordecai Lincoln II, a land baron and ironmaster, and first wife Hannah Salter, the daughter and granddaughter of a powerful New Jersey political family; destined to become the great-great grandparents of the nation’s 16th president. Although William and Anne would have eleven children, after years of struggle the only child who would survive to adulthood would be their second child, Benjamin. Their trials are further complicated by the 1736 death of Mordecai, which had left his second wife, the former Mary Robeson, widowed with three young boys to rear alone. When she decides to remarry, William is drawn into a contract, devised to protect the inheritance of Mordecai’s sons, wherein he agrees to relinquish fifteen years of his life tethered to the yoke of the Lincoln legacy. He would not be freed from that promise until 1757, when the youngest of Anne’s half-brothers reached the age of twenty-one. In 1765 the immigration of his dearest friend and brother-in-law, “Virginia John” Lincoln, to the Shenandoah Valley of Virginia, brings a restlessness for William, which is quelled only by realizing an earlier ambition. 1768-80 finds William Tallman as the proprietor of an “Inn” in Reading, Pennsylvania, located approximately ten miles from his newly constructed stone residence, built on the site of the old Lincoln log house, on the banks of Amity’s Schuylkill River. Then, as Colonists can no longer deny that they are at war with England, in 1779, with an attack on Georgia’s Savannah, Thomas Jefferson, the governor of Virginia, calls for the enlistment of all able-bodied men. Answering the `Patriot Cause’ of the American Revolution, William and Anne’s son, Benjamin, now the husband of Dinah Boone, and the father of seven surviving children, joins De Best’s Troops of the First Partisan Legion, leaving his father to cope with matters in Amity Township, and the Inn in Reading. After the war, Benjamin returns to his family, immigrants to the Shenandoah Valley of Virginia, where he and his father, William Tallman, establish plantations, comparable to that of “Virginia John,” i.e., Anne’s brother, Benjamin’s uncle, and William’s brother-in-law. The Linville Creek Baptist Church is the heart of the community, where Deacons John Lincoln, Jr. and Benjamin Tallman, supported by his wife, the former Dinah Boone, cousin of Daniel, become pillars of that admirable institution. There, also, Ben and Dinah’s progeny become acquainted with the Harrison family, founders of Harrisonburg, Virginia – relationships which, ultimately, result in the marriages of five of their children: three daughters and two sons. Then, with the turn of the century, now president, Thomas Jefferson begins a westward movement. Land offered at $2 per acre begins the “Western Fever.” A tide of settlers flow out onto Zane’s Trace, the trail that will deliver them to Ohio, a state in the unbroken wilderness of the Northwest Territory. There, as settlers, they will begin anew the task of settling another frontier, as the nation pushes ever westward toward the Pacific.

This book, the first of its kind, comprehensively explores Native American claims against the United States government over the past two centuries. Despite the federal government's multiple attempts to redress indigenous claims, a close examination reveals that even when compensatory programs were instituted, Native peoples never attained a genuine sense of justice. David E. Wilkins addresses the important question of what one nation owes another when the balance of rights, resources, and responsibilities have been negotiated through treaties. How does the United States assure that guarantees made to tribal nations, whether through a century old treaty or a modern day compact, remain viable and lasting?