Topurchase agreement in Texas is a great way to buy property if you don't have the funds or credit to do it outright. This article will discuss the law applicable to lease-options and lease-purchases including the overlap with the law of executory contracts.An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets. Avoiding common negotiating mistakes when buying or selling a business in Texas is essential for a smooth transaction. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. An APA, or Asset Purchase Agreement, is a contract in which a buyer and seller agree to the transfer of ownership for an asset at an agreed price. An asset sale is a type of business transaction in which a buyer purchases all, or part of, a selling business' assets. An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer. 1. Sale And Purchase Of The Assets.