Right-of-way is a term used to establish priority. It addresses the question of “who’s turn is it” wherever people need to use the same space.
Consider the terms “give way” to yield for someone, or “make way” to allow room for someone. One “gives” or “makes” way to yield the right-of-way. The Ontario Ministry of Transportation illustrates examples of yielding the right-of-way here:
Right-of-way is discussed further in CAN-BIKE Level 3 and higher.