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The Alaska purchase agreement allows a buyer to submit an offer to the seller. It will be considered a legally-binding contract if both parties agree to the sale price and contingencies. The contract typically includes an earnest money deposit sent to the real estate agent's escrow account upon acceptance.

In Alaska, the Americans foresaw a potential for gold, fur and fisheries, as well as more trade with China and Japan. The Americans worried that England might try to establish a presence in the territory, and the acquisition of Alaska ? it was believed ? would help the U.S. become a Pacific power.

A purchase agreement is a contract generally used in transactions where the buyer is purchasing goods instead of services. This type of contract is most common in more complex and more expensive transactions, such as purchasing real estate or large, specialized equipment.

But, after losing the Crimean War to Britain, France, and Turkey in 1856, the tsar was in no mood to negotiate with Great Britain or to see Alaska absorbed by a recent enemy. Russia thus turned to the only other potential buyer, the United States.

On March 30, 1867, the United States reached an agreement to purchase Alaska from Russia for a price of $7.2 million. The Treaty with Russia was negotiated and signed by Secretary of State William Seward and Russian Minister to the United States Edouard de Stoeckl.

Though mocked by some at the time, the 1867 purchase of Alaska came to be regarded as a masterful deal. The treaty enlarged the United States by 586,000 square miles, an area more than twice the size of Texas, all for the bargain price of around two cents an acre.