How to fill out the Asset Purchase Agreement Document? 1. Identify the parties involved in the agreement. 2.An asset purchase agreement documents the terms of the sale of business assets from a seller to a buyer. All Contracts and contract rights of Seller relating to the Acquired Assets or the. An asset purchase agreement is a type of contract that pertains specifically to the sale of a business or particular business assets. Parties to the Contract: It is important to correctly identify and mention the details of both the parties (buyer and seller).