Joint venturers have the authority to enter into contracts that will bind the joint venture.

Question

Quizplus · Accepted Answer

Joint venturers are authorized to enter into contracts on behalf of the joint venture. They have the power to make decisions and take actions that are within the scope of the joint venture's objectives and purposes. Thus, any contract entered into by one joint venturer with a third party will bind the joint venture, and all joint venturers will be held responsible for fulfilling the terms of the contract.

Joint Venturers Have the Authority to Enter into Contracts That