A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business. Seller desires to sell and Buyer desires to purchase certain assets of Seller used in the Business in accordance with the terms and conditions contained herein.THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered into as of. In a business sale, a letter of intent (LOI) is a buyeroriginated document through which the buyer expresses its intent to buy the subject business. A sales and purchase agreement (SPA) is a legal contract that outlines the terms of a transaction and binds an agreement between a buyer and seller.