Learn more about the terms of a purchase and sale agreement. Contact Attorney Peter Chase for more information.Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. An asset purchase agreement is a legally binding contract that establishes the terms and conditions governing the sale of business assets. Buying or selling company assets? Use this Asset Purchase Agreement to finalize the terms of the transaction.