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. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.Seller has no liability of any kind to any employee, except for remuneration and benefits payable to such employee in the ordinary course of the Business. With respect to employees and employee benefits in the acquisition agreement. An asset purchase agreement is a legal contract that outlines the terms of an agreement to transfer assets between parties.