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Encyclopedia Britannica



GOODWILL

This article appears in Volume V12, Page 239 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: GOA-GRA
GOODWILL , in the law of
property
 , a
term
  of somewhat vague significance. It has been defined as every
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
firm
  by whom it has been conducted (Churton v.
Douglas
 , 1859, Johns, 174). Goodwill may be either professional or
trade
 . Professional goodwill usually takes the form of the recommendation by a retiring professional man,
doctor
 , 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 Stamp Act, the goodwill of a business is
property
 , and the proper duty must be paid on the
conveyance
  of such. (See also
PARTNERSHIP
 ; PATENTS.)


End of Article: GOODWILL


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