The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this Contract. Purchase and Sale Agreement.A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. ("Purchase Price"). 3. These forms are also available in the DotLoop and DocuSign form libraries. This document outlines the terms and conditions of the sale, including the purchase price, contingencies, financing details, and closing date.