What are the exact terms of a partnership agreement?

Here however as suggested by Slatter, J. in Milroy v. Klapstein [2003] A.J. No. 1322, 2003 ABQB 870: All contracts, including partnership agreements and joint ventures, must be sufficiently precise to be enforceable. The identification of the exact terms upon which final agreement must be reached varies from contract to contract. A partnership agreement contemplates a long-term business arrangement between the partners; it is obviously impossible to anticipate and agree on every business decision that will ever be made. Therefore with a partnership agreement, what must be agreed to are the essential terms of the partnership per se; the identity of the partners, the fact that there is to be a partnership, but business of the partnership, and usually some of the essential financial terms. Partnership agreements can exist with a lesser degree of precision because the Partnership Act provides some default terms for a partnership agreement. Therefore a partnership agreement may come into existence even if the partners have not turned their mind to certain key issues, so long as the missing terms are those that the Partnership Act provides on a default basis.