noun
- the right or opportunity to choose or decide something before others; a prior option or choice.
Usage: formal; often used in legal or business contexts
Examples
- The contract granted the company preoption to purchase the property before it was offered to the public.
- Existing shareholders were given preoption on new stock offerings.
- The agreement included a preoption clause that allowed either party to terminate early.
- She exercised her preoption to buy the house before the listing went live.
- The investor's preoption gave him an advantage in the competitive market.