Jack and John are university friends and decide to go into business in Auckland after leaving university. They start a home maintenance business. After a few months they are asked to undertake a major renovation of an apartment block with Joe a builder. All three decide to record a written arrangement that is headed "Joint Venture Agreement". One of the clauses reads:

John will manage the apartment renovation with Joe and the parties shall share the net profits. Joe shall not be authorised to order any materials without the consent of Jack.

It is decided that the business shall trade as 3J's Renovations.

Several weeks later Joe orders and takes delivery of a large amount of paint from Fresh Painters Limited. Jack is furious as he does not like the colour of the paint and suspects that Joe intends to use the paint on other jobs and refuses to authorise payment.

a) With reference to the relevant law, explain if the arrangement between Jack, John and Joe a partnership or a joint venture is.