Question 2 Gita Jones through his business, Modern Media Sounds, was a promoter that managed the Australian tours for Tyler Slow, a popular music artiste. Concert Sales Pty Ltd agreed to finance the tours. Last year Modern Media Sounds and Concert Sales entered into a written agreement where Modern Media Sounds agreed to assign to Concert Sales a half interest in the contracts and to perform the said contracts as a 'joint venture'. The finance advanced by Concert Sales was described as a loan to the joint venture. They agreed that the net profits would be divided at the end of the contract. They also agreed that all matters were to be agreed by the parties and any losses were not to be shared on the same basis as the profits. The agreement provided that, after Concert Sales had been repaid the loan and other expenses, any profits made by the concerts were to be shared equally between the promoter and Concert Sales. After a few months a dispute arose and Gita Jones is now concerned about whether they are in fact in a partnership or a joint venture. REQUIRED: Using the IRAC method of problem solving, explain whether the agreement between Modern Media Sounds and Concert Sales Pty Ltd was a joint venture or a partnership. Give supporting case law. (20 Marks)