A binding joint venture agreement may be found even where the parties have not agreed on all matters that might arise, provided the essential or fundamental terms governing their relationship have been determined with sufficient certainty. Contributions to a joint venture need not be by way of capital — loans are sufficient. Section 23C of the Conveyancing Act 1919 (NSW) only applies where an agreement purports to immediately create an interest in land or declare a trust; it does not apply to an executory agreement to purchase, develop and sell property for mutual profit where no immediate proprietary interest is created.
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