In such case, Purchase Contract Forms are created to outline the different terms and conditions covering the sale. It creates a binding contract between the buyer and the seller. It creates a binding contract between the buyer and the seller. Sales Contract Template. A Sales Transaction is always critical to note down details and refer back to this document at latest stages when needed. Hence use of professional sales contract template is a necessity. Here is one such Contract Template that can assist anybody to draft a compelling and professional looking Sales Contract. A Business Purchase Agreement is a contract used to transfer the ownership of a business from a seller to a buyer. It includes the terms of the sale, what is or is not included in the sale price, and optional clauses and warranties to protect both the seller and the purchaser after the transaction has been completed.