What is the test for exercising a pre-emptive right?

California, United States of America

The following excerpt is from Mercer v. Lemmens, 230 Cal.App.2d 167, 40 Cal.Rptr. 803 (Cal. App. 1964):

Responsive to defendant's contention that the preemptive right contemplated only a 'reasonable' time within which it might be exercised, plaintiffs rightfully contend that such right activates only when the seller decides to sell and the 'reasonableness' of time within which the holder of the preemptive right must act is computable only from the time of such decision to sell. In Thomson v. Lineer, 86 Cal.App.2d 838, 839, 195 P.2d 838, 839, the court stated:

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What is the test for exercising a pre-emptive right?

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