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(b) That's wrong. In a joint venture between individuals (or between separate business organisations) the joint venturers are not automatically vested with a power to represent each other as agents, and their liability is several, not joint.

However, the legal rights and duties that are owed to each other by joint venturers depend on the terms of their particular agreement. This may include the grant of an agency power to one or more of the joint venturers.