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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. Key elements include the number of shares for sale, the price per share, and the transaction date. Private entities must offer a due diligence period for buyers, while public stock purchasers are protected under the Securities Act of 1933. There are different classes of stock, often differentiated by voting rights, such as Class A (three votes per share), Class B (two votes), and Class C (one vote). Essential inclusions in an SPA must be clearly outlined to ensure transparency and legal compliance.