A contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control is known as a:
A)joint activity
B)joint operation
C)joint venture
D)joint partnership

Question

Quizplus · Accepted Answer

A joint venture is a contractual arrangement where two or more parties establish an economic activity subject to joint control. The parties agree to share profits, losses, and some assets while remaining separate entities. Joint activities and joint operations are similar concepts that refer to collaborations between two or more parties but typically involve a narrower scope of activities and less formal arrangements. Joint partnerships are not a recognized legal entity and are not commonly used.

A Contractual Arrangement Whereby Two or More Parties Undertake an Economic