Below is a general due diligence checklist with the first 8 of 16 items to cover your bases in a business or asset purchase transaction. In an asset purchase, only the assets of the business are purchased, not the liabilities.Due consideration must also be given to whether you want to buy only the seller's assets or stock. THIS ASSET PURCHASE AGREEMENT (this "Agreement"), dated as of September. If you are thinking about purchasing a business from someone, you should be aware of Pennsylvania's Bulk Sale Law. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. The Procurement Department's staff acquire services, supplies, equipment, and construction for the City. They evaluate bids for the lowest price.