Define the term goodwill

Define the term goodwill

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This is defined as the advantage, whatever it may be, a person gets by continuing to be entitled to represent to the outside world that he is carrying on a business which has been carried on for
sometime previously. “Judge Warey in Hull V Frases”
Goodwill is the element that arises from a business due to its reputation and therefore, enjoys
benefits that a new business may not get. (e.g.) A new business may not make profits easily
during the first year of trading.

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Titany answered the question on December 10, 2021 at 11:46

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