Legal Definitions - joint adventure

Definition: Joint adventure is a term that was used interchangeably with joint venture in the United States during the latter half of the 20th century. It refers to a business arrangement where two or more parties come together to undertake a specific project or business activity for a limited period of time.

Example: Two friends decide to start a small business selling handmade crafts. They agree to pool their resources and skills to create unique products and sell them at local markets. This is an example of a joint adventure.

Another example could be two companies coming together to develop a new product or service. They agree to share the costs and profits of the venture, but only for a specific period of time until the project is completed.

These examples illustrate how joint adventure involves a temporary partnership between two or more parties for a specific purpose. It allows them to combine their resources and expertise to achieve a common goal, without committing to a long-term business relationship.