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A stock purchase agreement (SPA) is a contract between a seller of company shares and a buyer for ownership of a business entity. Key elements of the SPA include the number of shares for sale, the cost per share, and the transaction date. Private companies must provide a due diligence period for buyers, while buyers of public stock are protected under the Securities Act of 1933. Different classes of stock can have varying voting rights, such as Class A shares with three votes each, Class B with two votes, and Class C with one vote. Essential components to include in a stock purchase agreement are detailed descriptions of these terms and conditions.