Appendix A: Site References; Legal Description. An asset purchase agreement is a legally binding contract between a buyer and a seller outlining the terms of transferring assets.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. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. With respect to employees and employee benefits in the acquisition agreement. Within three (3) business days following the Effective Date, Buyer shall deliver to Escrow.