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A stock purchase agreement (SPA) is a contract between a seller of company shares and a potential buyer for ownership of a business. The SPA includes details like the number of shares for sale, their cost, 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. Classes of stock can have different voting rights, with Class A giving three votes per share, Class B two votes, and Class C one vote. A stock purchase agreement should clearly outline these details and the obligations of both parties involved.