Crosspurchase agreements are agreements where business owners purchase a departing owner's interest in the business. One way of safeguarding a business is to create a buy-sell agreement.A business purchase agreement is a legal contract specifying terms for buying or selling a business, including conditions and obligations. Identify the parties involved in the transaction. 2. WHEREAS, Seller wishes to sell, and Buyer has agreed to purchase, substantially all of the assets of the Business pursuant to the terms set forth herein. Once you have a general agreement with the buyer, the buyer usually drafts and signs a non-binding letter of intent. A sales agreement is a contract between a buyer and a seller that outlines the terms, conditions, and specifics of a transaction for selling goods or services. A Business Purchase Agreement is a contract that transfers a business entity from its owner to a new buyer.