Jointly and Severally, Joint Tenancy, Joint Venture

Jointly and Severally, Joint Tenancy, Joint Venture :

Jointly and Severally : a kind of joint liability which holds the parties to a contract, be it a group or individuals accountable for any obligation. This means that each member has an unlimited liability towards the total outstanding amount of the obligation.

Joint Tenancy : the state when a property is owned by two or more persons and in the event of death of one of the owners the ownership passes to the survivor or survivors. Also known as joint tenancy with the right of survivorship, joint tenants but not tenants in common, etc., depending on the specifications of the laws of the state where the agreement is drawn.

Joint Venture : an agreement that is entered into by two or more individuals or companies for jointly sharing the responsibility for a project which could otherwise not be accomplished single handily. Normally, such an agreement is valid only till the completion of the project : the project that is undertaken

Jointly and Severally

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