Identify the parties involved in the transaction. 2. A Business Purchase Agreement is a contract that transfers a business entity from its owner to a new buyer.AGREEMENT OF PURCHASE AND SALE from TANDY LEATHER FACTORY INC filed with the Securities and Exchange Commission. A Texas Business Purchase Agreement will help transfer business ownership and outline the terms of the sale. Want to start a business but now sure what the first step is? Read our Starting a Business FAQs then get in touch with an SBDC Business Advisor today!