Form agreement for the purchase and sale of a division or line of business of a private US corporation, drafted in favor of the seller. An asset purchase agreement sets out the terms and conditions relating to the sale or purchase of a company's assets.Form agreement for the purchase and sale of a division or line of business of a private US corporation, drafted in favor of the buyer. An agreement which enables a buyer to purchase only those assets and liabilities that it requires from a business. Asset Purchase and Sale Agreement dated as of December 28, 2018 between. Sale of Purchased Assets . This Practical Law Company Microsoft Word template is for a standard bill of sale to accompany an asset purchase agreement. It includes drafting notes.