McClure (legal case)

The McClure case (McClure v. American International Oil Co., 1939) is a legal case that established the principle of "joint venture" in contract law. It involved two companies collaborating on an oil exploration project. The court ruled that their partnership created a legally recognized joint venture, meaning both shared profits, risks, and responsibilities. This case clarified how business collaborations can be legally binding, emphasizing that when companies work together with a common goal and share profits and losses, they are considered a joint venture, which affects their legal rights and obligations.