Joint Adventure Law and Legal Definition

A Joint Adventure exists in the nature of a partnership. It may exist where persons embark on an undertaking without entering on the prosecution of a business as partners strictly but engage in a common enterprise for their mutual benefit.

To constitute joint adventure, there must be an agreement to enter into an undertaking in the objects of which the parties have a community of interest and common purpose in performance, and each of the parties must have equal voice in the manner of its performance and control over the agencies used therein, though one party may entrust performance to another.[Soulek v. Omaha, 140 Neb. 151 (Neb. 1941)]