THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered into as of. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer. This short-form asset purchase agreement is for use in the acquisition of a seller. Page. ARTICLE I. PURCHASE AND SALE OF THE PURCHASED ASSETS; ASSUMPTION OF ASSUMED LIABILITIES. 2. 1.1. Purchase and Sale of the Purchased Assets, 2.