Once you have a general agreement with the buyer, the buyer usually drafts and signs a non-binding letter of intent. A Business Purchase Agreement is a contract that transfers a business entity from its owner to a new buyer.A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business. The agreement of sale is strictly who's on first what's on second who are the players and that's what we're going to identify here. A business purchase agreement marks the official start to the sale of a business. Read our blog to better understand each part of this important document. A business sales contract is a binding agreement that is critical to evidence and detail the sale of business interest.