Get a Free Business Legal Evaluation. Fill out the form below and one of our team members will be in touch immediately!An asset purchase agreement is one type of contract, and way, to purchase or sell a business. Find out the steps to take when you're buying an existing business and the pros and cons of acquiring an existing business. Whether you are buying a business in Arizona or selling a business in Arizona, it is NOT a form transaction. Open a business account with your bank or credit union. A business purchase agreement is a legal contract specifying terms for buying or selling a business, including conditions and obligations.