What is the definition of a joint venture?

Williston on Contracts, as quoted in Canlan Investment Corporation v. Gettling [1996], B.C.J. 1803, at para. 59, defines the term "joint venture" as follows: In summary, then, a working definition of joint venture based on the actual judicial decisions may be thus formulated: A joint venture is an association of persons, natural or corporate, who agree by contract to engage in some common, usually ad hoc undertaking for joint profit by combining their respective resources, without however, forming a partnership in the legal sense (of creating that status) or corporation; their agreement also provides for a community of interest among the joint venturers each of whom is both principal and agent as to the others within the scope of the venture over which each venturer exercises some degree of control.