A Joint Venture Is One in Which 2, or Sometimes

question 17

True/False

A joint venture is one in which 2, or sometimes more, independent companies agree to combine resources in order to achieve a specific objective, usually limited in scope.

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Definitions:

Implied Warranty

A legal assumption that a product will meet certain standards of quality and reliability without being explicitly stated.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights.

Implied Warranty of Fitness

A legal guarantee that goods sold will meet the specific purpose for which the buyer is purchasing them, even if not explicitly stated.

Implied Warranty of Merchantability

A legal presumption that a product sold will meet the buyer's reasonable expectations of quality and functionality.