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A stock purchase agreement (SPA) is a contract between a seller of company shares and a buyer, detailing the purchase of business ownership. It includes the number of shares for sale, their cost, and the transaction date. Private companies must provide a due diligence period for buyers, while public stock transactions are protected under the Securities Act of 1933. Different classes of stock can have varying voting rights, such as Class A with three votes per share, Class B with two, and Class C with one. Essential elements of a stock purchase agreement must be outlined, including the specifics of the shares being sold and accompanying terms.