joint adventure

joint adventure
The relationship created when two or more persons combine in a joint business enterprise for their mutual benefit with the understanding that they are to share in the profits or losses and that each is to have voice in its management. Chisholm v Gilmer (CA4 Va) 81 F2d 120, affd 299 US 99, 81 L Ed 63, 57 S Ct 65, reh den 299 US 623, 81 L Ed 458, 57 S Ct 229. An association of persons in a single business enterprise for profit, for which purpose they combine their property, money, effects, skill, and knowledge, without forming a partnership or corporation. Summers v Hoffman, 341 Mich 686, 69 NW2d 198, 48 ALR2d 1033; Brooks v Brooks, 357 Mo 343, 208 SW2d 279, 4 ALR2d 826. More precisely, an association of persons with intent, by way of contract, express or implied, to engage in and carry out a single business adventure for joint profit, for which purpose they combine their efforts, property, money, skill, and knowledge, but without creating a partnership in the legal or technical sense of the term, or a corporation, and they agree that there shall be a community of interest among them as to the purpose of the undertaking, and that each coadventurer shall stand in the relation of principal, as well as agent, as to each of the other coadventurers, with an equal right of control of the means employed to carry out the common purpose of the adventure. 30 Am J Rev ed Jut Adv § 2. See joint enterprise.

Ballentine's law dictionary. . 1998.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • joint adventure — joint ad·ven·ture n: joint venture Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. joint adventure …   Law dictionary

  • joint adventure — noun : a partnership or cooperative agreement between two or more persons restricted to a single specific undertaking called also joint undertaking; compare syndicate …   Useful english dictionary

  • joint venture — joint ven·ture / ven chər/ n 1: a cooperative business agreement or partnership between two or more parties that is usu. limited to a single enterprise and that involves the sharing of resources, control, profits, and losses compare combination 2 …   Law dictionary

  • joint — adj 1: common to two or more: as a: involving the combined activity or negligence of two or more a joint tort see also joint tortfeasor compare several b …   Law dictionary

  • joint enterprise — n 1: joint venture 2: an undertaking of two or more parties for a common purpose in which each shares a common interest and an equal right of control (as of a vehicle) ◇ In regard to a tort involving such an enterprise, a third party may impute… …   Law dictionary

  • adventure — A hazardous and striking enterprise. A bold undertaking accompanied by possible hazards, risks and unforeseen events. A common word in marine insurance policies, used as synonymous, or nearly so, with perils. A shipment of goods in charge of an… …   Black's law dictionary

  • adventure — A hazardous and striking enterprise. A bold undertaking accompanied by possible hazards, risks and unforeseen events. A common word in marine insurance policies, used as synonymous, or nearly so, with perils. A shipment of goods in charge of an… …   Black's law dictionary

  • joint — United; combined; undivided; done by or against two or more unitedly; shared by or between two or more; coupled together in interest or liability. The term is used to express a common property interest enjoyed or a common liability incurred by… …   Black's law dictionary

  • joint — United; combined; undivided; done by or against two or more unitedly; shared by or between two or more; coupled together in interest or liability. The term is used to express a common property interest enjoyed or a common liability incurred by… …   Black's law dictionary

  • adventure — An undertaking with an element of risk. A shipment of goods in charge of an agent to be sold by him for the shipper at the best price obtainable. As the word adventure is used in marine policies, it is everywhere employed as synonymous with peril …   Ballentine's law dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”