A buy/sell agreement details the price and terms of a sale of a business or real property.

A buy/sell agreement for a business included provisions outlining the terms of the sale, information about the business, assets and obligations being transferred, and a non-competition agreement.

A buy/sale agreement for real property includes provisions outlining the terms of the sale, disclosures, and the obligations and fixtures being transferred.

An agreement between private parties creating mutual obligations enforceable by law.  The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.  In some states, element of consideration can be satisfied by a valid substitute.  Possible remedies for breach of contract include general damages, consequential damages, reliance damages, and specific performance.  

Overview

Contracts are promises that the law will enforce.  Contract law is generally governed by the state Common Law, and while general overall contract law is common throughout the country, some specific court interpretations of a particular element of the Contract may vary between the states. 

If a promise is breached, the law provides remedies to the harmed party, often in form of monetary damages, or in limited circumstances, in the form of specific performance of the promise made.  

Any two individuals or businesses can enter into a partnership. Although a partnership does not offer the liability protection to the partners that a corporation can offer to its shareholders, partnerships tend to be less cumbersome, easier to manage from an administrative standpoint and require few, if any, document filings with governmental agencies.

To make sure that every partner understands his or her role, responsibility and compensation, it is critical to outline the specific terms of the partnership upfront, focusing on ownership, capitalization and operational issues. Most people tend to choose to enter into an agreement addressing these important business topics in the early stages, so that there is no confusion or ill will amongst the partners later on.