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A stock purchase agreement (SPA) is a contract between a seller and a buyer for the transfer of ownership of a business through shares. Key components of the SPA include the number of shares for sale, the price per share, and the transaction date. Private companies must allow a due diligence period for buyers, while public stock purchases are governed by the Securities Act of 1933. Additionally, stock classes can differ in voting rights, allowing specific groups to influence company decisions. For instance, Class A shares may have three votes, Class B shares two votes, and Class C shares one vote. An effective SPA should detail these elements clearly.