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GOODWILL
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GOODWILL , in the See also:law of See also:property, a See also:term of somewhat vague significance. It has been defined as every See also:advantage which has been acquired in carrying on a business, whether connected with the premises in which the business has been carried on, or with the name of the See also:firm by whom it has been conducted (Churton v. See also:Douglas, 1859, Johns, 174). Goodwill may be either professional or See also:trade. Professional goodwill usually takes the See also:form of the recommendation by a retiring professional See also:man, See also:doctor, See also:solicitor, &c., to his clients of the successor or purchaser coupled generally with an undertaking not to compete with him. Trade goodwill varies with the nature ofthe business with which it is connected, but there are two rights which, whatever the nature of the business may be, are invariably associated with it, viz. the right of the purchaser to represent himself as the owner of the business, and the right to restrain competition. For the purposes of the See also:Stamp See also:Act, the goodwill of a business is property, and the proper See also:duty must be paid on the See also:conveyance of such. End of Article: GOODWILLAdditional information and CommentsThere are no comments yet for this article.
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