Business Purchase Agreement Law and Legal Definition

A Business Purchase Agreement (“Agreement”) is an agreement where an individual or company (“Buyer”) agrees to purchase the business of another individual or company (“Seller”) for a particular purhcase price and granted certian conditions are met. This Business Purchase Agreement may be used to outline the various terms and conditions when a party enters into an agreement of purchase with another party with respect to the latter’s business property. The Agreement specifies the various representations and warranties on the part of both Seller and Buyer, the condition precedents, the details of closing the transaction, and the distribution of expenses among other things.