Q. The following statements are correct, except: (Solved)

1. A right of first refusal is without any consideration;

2. In granting a right of first refusal, the period has yet to be determined at a future time;

3. In granting a right of first refusal, the amount to be paid will be determined at a future time;

4. A right of first refusal must be supported by a consideration in the form of money to be binding. (Vasquez v. CA)