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A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. A business bill of sale is a legal document that recognizes the sale and change of ownership of a business and all its assets.Allocation of consideration paid for a business. Consideration. You cannot use either company name because each implies that Sally, a sales agent, is in charge. Lease purchase agreements often include two distinct contracts: one for the lease agreement and the other for the end-of-lease sale. Note: The contract or receipt must be in the same language that's used in the sales presentation. How To Cancel a Sale. Before creating this Agreement, a buyer and seller may want to complete a Sale of Business Assets Worksheet to get prepared. Most standard form Agreements begin with some basic information about the buyer, the seller, and the property in question. The Seller agrees to sell, and the Institution agrees to buy, the Collection for a total purchase price of ______ ("Purchase Price").