Oil Reserves,Inc.,and Petro Refining Corporation form a joint venture to design and test petroleum storage facilities and equipment. When a dispute arises,Oil files a suit against Petro. The court is most likely to apply the same principles to this joint venture as it applies to

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Joint ventures are typically treated as partnerships under the law, meaning that the partners share profits and losses and are jointly liable for any legal claims or debts incurred by the joint venture. Therefore, the court is most likely to apply partnership law principles to this joint venture dispute, rather than treating it as a corporation, limited liability company, or sole proprietorship.