A business acquisition is a complex transaction with a lot at stake. The purchase agreement, also known as a share purchase agreement (SPA), forms the legal core of such an acquisition. This agreement not only governs the transfer of shares and the purchase price, but also allocates risk, sets out warranties, and determines what happens if things do not go as expected. For both buyers and sellers, it is crucial to understand how an SPA works, what mechanisms it contains, and where the pitfalls lie. This blog offers a comprehensive guide to the world of the SPA, from the first steps to common dispute points and lessons from case law.