An asset purchase agreement is a contract for the sale of a business or specific business assets. All required information about the parties involved in the agreement.What agreement is needed to buy out my partner after a quick claim deed in Florida? I do not practice in Florida and am not admitted in Florida. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. Compete agreement between the parties is almost always included in the Asset Purchase Contract. Asset purchases occur between a seller and buyer of a company's assets, including facilities, vehicles, equipment, stock, and inventory.