Section 167 of the Excise Tax Act (the Act) contains provisions for two elections that apply to the sale of a business and its assets. A short form agreement for the purchase and sale of certain tangible and intangible property of a Canadian private corporation or limited partnership.The general rule is that contracts are freely assignable and can be transferred from one party to another. There are, however, exceptions to this general rule. This title contains nearly 200 forms and precedents on equipment leasing and the sale and operation of a business. Information about selling a business including closing accounts, restrictive covenants, inventory valuation, change of ownership. Form agreement for the purchase and sale of a division or line of business of a private Canadian corporation, drafted in favour of the vendor. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale.