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A stock purchase agreement (SPA) is a contract between a seller and a buyer for the ownership of a business entity through shares. It outlines the number of shares for sale, their price, and the transaction date. Private entities must allow a due diligence period for buyers, while public stock buyers are protected by the Securities Act of 1933. Different classes of stock, such as Class A, B, and C, often have distinct voting rights, allowing varied influence in decision-making. Essential elements to include in a stock purchase agreement are crucial details regarding the transaction and the involved parties.