Buying or selling a Maryland business? An option contract is an agreement that lets you pay for the right to buy certain property in the future.Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. The Purchase and Sale Agreement is the legally enforceable contract between you and the buyer for transferring your company. A Maryland commercial lease agreement is a contract between a landlord and a business tenant regarding the renting of a commercial property. Under Maryland law, an oral agreement to buy or sell land is NOT binding! §1-101(v). Generally, a corporation that acquires the assets of another corporation is not liable for the debt and liabilities of the predecessor corporation.