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.A Business Purchase Agreement is a contract that transfers a business entity from its owner to a new buyer. The UCC concerns a wide variety of commercial issues, including the sale of goods, banking and security interests. In the financial markets, a sale is an agreement between a buyer and seller establishing the price of a security and its delivery for agreed-upon compensation.