The agreement describes the assets that will be purchased, including important details like price, warranties, and breach of contract provisions. Business buysell agreements in the wake of Connelly V. IRS: Ensuring clients' business succession plans don't create future estate tax issues.Find Business and Personal Property Listing forms and Instructions on this page. In an asset purchase, the purchaser only acquires the assets and liabilities it identifies and agrees to acquire and assume from the seller. In an asset purchase, the buyer agrees to purchase specific assets and liabilities. This means that they only take on the risks of those specific assets. What is the purchase price? The purchase price for the assets being sold will be documented in the APA.