![]() The contributions of the respective parties need not be equal or of the same character, but there must be some contribution by each co-adventurer of something promotive of the business enterprise. There must be a contribution by the parties to a common undertaking to constitute a joint venture as well as a community of interest and some control over the subject matter or property right of the contract. However, it cannot be emphasized too strongly that a written agreement is far safer and more efficient. Usually, only one of these elements alone will not result in a judicially recognized joint venture.Ī contract (understanding) between the parties is necessary for a joint venture but need not be reduced to a formal written or even oral formal agreement it might be inferred from the facts, circumstances, and conduct of the parties.
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