This business sale agreement template can be used as a binding document to govern the sale of a business to a new owner. 3.1. The Vendor shall sell and the purchasers shall purchase the business and assets described in the Schedule hereto.The names and locations of the buyer and seller will be clearly stated in the first paragraph or two of the contract. Identify the parties involved in the transaction. 2. Contract for the Purchase and Sale of a Business. 1. The easiest way to create a Business Purchase Agreement is to use a template that is customized to your state. This guide will help you understand how to fill out and sign a business purchase agreement template so that everyone's best interests are protected. 1. Description of Business. Purchase and Sale of Assets.