Mr. Vail made an offer to purchase a business for sale by Mr. Craig. Mr. Vail and Mr. Craig had never met prior to their negotiation of the terms of the sale. The sale is an example of a/an:

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An arm's length transaction is one in which the parties involved are independent and on an equal footing, which is the case here since Mr. Vail and Mr. Craig had never met prior to their negotiation. Additionally, since this transaction does not involve securities traded on the public market but rather the sale of a business between two private parties, it is also considered a private market transaction.

Mr Vail Made an Offer to Purchase a Business for Sale