South Florida Arbitration & Litigation Lawyer Blog
To establish a joint venture in Florida, the written contract must contain the following five elements: (1) a community of interest in the performance of a common purpose, (2) joint control or right of control, (3) a joint proprietary interest in the subject matter, (4) a right to share in the profits and (5) a duty to share in any losses which may be sustained. Absence of one element precludes the finding of a joint venture.
A party asserting that an unwritten, implied contract is the basis of a joint venture faces a heavy and difficult burden, as it must allege and prove that the implied contract contains the same five elements required of a joint venture based on a written contract.
If these five elements exist, joint venturers owe each other a duty of loyalty, breach of which gives rise to a claim for breach of fiduciary duty.
The above information is being provided for educational purposes. It is not designed to be complete in all material respects. If you have any questions concerning the contents of this post, please contact a qualified professional.
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