Joint Adventure Legal Meaning and Definition

Here is a simplified definition of the legal term Joint Adventure.

Joint Adventure (noun)

A Joint Adventure is a legal term referred to an arrangement or agreement between two or more individuals or parties who voluntarily come together to share the cost, risk, and benefits of a specific project, business venture, or activity. This could include a risky trip, investment, or pursuit. The parties involved in a Joint Adventure are accountable and share liability equally for any consequences or outcomes that may arise from the agreed venture.