Identify the parties involved in the transaction. 2. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro.Key Takeaways​​ Buy and sell agreements stipulate how a partner's share of a business may be transferred in the event of their death or departure. No single formula set out today can provide a reasonable price or value for a company under all foreseeable future circumstances. Purchase agreement details terms, conditions of sale. The purchase agreement for your business is one of the most important legal documents you'll ever sign.