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A joint venture is a distinct business arrangement where two or more parties collaborate for a specific project or goal, sharing resources and profits. It is fundamentally a partnership-like agreement aimed at achieving a particular outcome or engaging in a particular business project. Unlike accessory contracts, which are secondary agreements that support or enhance a primary contract, a joint venture stands alone as its own principal agreement, addressing aspects such as ownership, responsibilities, and profit-sharing among the participating entities.
In contrast, suretyship, mortgage, and pledge are considered accessory contracts because they serve to support a primary obligation. Suretyship involves one party agreeing to take responsibility for the debt or obligation of another, thereby enhancing the security of the primary contract. A mortgage provides security for a loan by granting the lender a claim to the property if the borrower defaults, acting as a secondary layer of assurance for the primary loan agreement. A pledge similarly involves providing an item as collateral for a debt, ensuring the primary obligation is secured through the provision of the pledged item.
This distinction clarifies why the joint venture does not fit the category of accessory contracts, focusing instead on direct collaborative efforts rather than supporting existing obligations.