1.2 Agreement to Purchase. The general rule is that contracts are freely assignable and can be transferred from one party to another.There are, however, exceptions to this general rule. Identify the parties involved in the transaction. 2. All liabilities and obligations arising out of operation of the Business or the use or ownership of the Acquired Assets from and after the Effective Time. The buyer will want to see copies of all leases, contracts, and loan agreements in addition to copious financial records and statements. Effectively managing asset purchase agreements is crucial to business longevity. Learn how to create one and what to include.