Identify the parties involved in the transaction. 2. A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business.An APA, or Asset Purchase Agreement, is a contract in which a buyer and seller agree to the transfer of ownership for an asset at an agreed price. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Establish terms for sale and purchase of an asset. How do I fill this out? All Contracts and contract rights of Seller relating to the Acquired Assets or the.