Buying or selling company assets? Use this Asset Purchase Agreement to finalize the terms of the transaction.This contract is an agreement between the Owner(s) and the Company. "Assignment and Assumption Agreement" means an Assignment and Assumption. Agreement in the form of Exhibit B hereto. An APA not only describes the assets to be purchased but also important details like price, warranties, and breach of contract. The purchase agreement must be carefully drafted and customized for these economic details.