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A Stock Purchase Agreement (SPA) is a contract between a seller of company shares and a potential buyer for the ownership of a business. Key elements include the number of shares for sale, the price per share, and the transaction date. Private companies must offer buyers a due diligence period, while public stock buyers are protected by the Securities Act of 1933. The agreement may also detail various stock classes, each with different voting rights: Class A shares may have three votes each, Class B shares two votes, and Class C shares one vote. Essential components that must be included in an SPA will also be addressed.