The president of Kool Science wants to draw up a written contract because it is unclear what type of law will be applied if there are problems.However,the president of Language Fun states that,although it is always a good idea to have a written contract,it is not necessary because partnership law will be applied if there are problems.Who is correct?
A)Language Fun's president is correct because a joint venture may be formed without drawing up a formal agreement since the parties are required to file a certificate of joint venture with the state.
B)Language Fun's president is correct because a joint venture may be formed without drawing up a formal agreement,and courts frequently apply partnership law to joint ventures.
C)Kool Science's president is correct because courts will not know what type of law to apply without an express written provision in a contract.
D)Kool Science's president is correct because a formal agreement is required for a joint venture.
E)Neither person is correct.

Question

Quizplus · Accepted Answer

A)Like a partnership,a joint venture may be formed without drawing up a formal
agreement.From a legal standpoint,partnerships and joint ventures are virtually the same.Thus,courts frequently apply partnership law to joint ventures.

The President of Kool Science Wants to Draw Up a Written