THIS ASSET PURCHASE AGREEMENT (this "Agreement"), dated as of September. PAR's Consumer's Guide to the Agreement of Sale is now available in Spanish.Page. ARTICLE 1 PURCHASE AND SALE OF ASSETS. 1. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Business Asset Purchase Agreements. A Business Asset Purchase Agreement is a legal contract used when one business purchases the assets of another business. Preclosing liabilities in the face of express contractual language in the asset purchase agreement to the contrary. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.