Buying out a business partner is a complicated process. A buysell agreement is a contract that outlines the contingencies of a partnership deal.Also known as a business continuation agreement or buyout agreement. What should you include in a buysell agreement? Let's have a look at some of the elements that make up a common buy-sell agreement in Michigan. A buy sell agreement is a legally binding agreement between business partners that explains the process of events after a partner leaves the business.