Good Will in United States

Good Will Definition

The benefit which arises from the establishment of particular trades or occupations. The advantage or benefit which is acquired by an establishment, beyond the mere value of the capital, stocks, funds, or property employed therein, in consequence of the general public patronage and encouragement which it receives from constant or habitual customers, on account of its local position, or common celebrity, or reputation for skill or affluence or punctuality, or from other accidental circumstances or necessities, or even from ancient partialities or prejudices. Story, Partn. § 99. See 17 Ves. 336; 1 Hofif. Ch. (N. Y.) 68; 16 Am. Jur. 87. It includes only that estimation and repute which is peculiar to the particular establishment. It is that species of connection in trade which induces customers to deal with a particular firm.

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Legal Issue for Attorneys

The benefit which arises from the establishment of particular trades or occupations. The advantage or benefit which is acquired by an establishment, beyond the mere value of the capital, stocks, funds, or property employed therein, in consequence of the general public patronage and encouragement which it receives from constant or habitual customers, on account of its local position, or common celebrity, or reputation for skill or affluence or punctuality, or from other accidental circumstances or necessities, or even from ancient partialities or prejudices. Story, Partn. § 99. See 17 Ves. 336; 1 Hofif. Ch. (N. Y.) 68; 16 Am. Jur. 87. It includes only that estimation and repute which is peculiar to the particular establishment. It is that species of connection in trade which induces customers to deal with a particular firm.

This definition of Good Will is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Good Will in State Statute Topics

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Resources

Further Reading

• Information about Good Will in the Gale Encyclopedia of American Law.