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A Stock Purchase Agreement (SPA) is a contract between a seller of company shares and a potential buyer, outlining the purchase of business ownership. Key components of the SPA include the number of shares for sale, their cost, and the transaction date. Private entities must offer a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. Additionally, there are various classes of stock with different voting rights; for instance, Class A shares provide three votes each, Class B offers two votes, and Class C grants one vote per share. Essential elements to include in an SPA are crucial for defining the terms of the transaction.