A Joint Venture agreement is one form of a contract. At its most basic level, a contract is a legally enforceable agreement between two or more parties (individuals, businesses, or organizations) that creates an obligation to do, or not do, certain things.
Regardless of whom the parties are, agreements almost always contain the elements of who, what, and how.
The "who" means the parties who are entering into the agreement. Note that, under the law, each party must be competent to enter into an agreement.
A mentally disabled person, for instance, cannot lawfully enter into an agreement if he or she does not understand the agreement.
The "what" refers to the mutual agreement of all parties.
Each party either promises to do or not do something.
"What" is it that you are supposed to do and "how" are you going to do it?
For example, if you enter into an agreement to buy a car for $10,000, the "what" is buying the car and the "how" is the $10,000 payment.