GOODWILL IN BUSINESS

• Date: 06 February 2019

(1) "The goodwill a business can claim to have can be said to be the privileges, granted by the seller of the business to the purchaser, of trading as its successor. In other words, the possession of a ready-formed connection of customers, considered as a separate element in the saleable value of a business: See: Words and Phrases Legally Defined 2nd edition Vol. 2, page 329. The question is, has the plaintiff got any saleable value of a business to which a goodwill can be attached? It seems quite appropriate therefore to refer to how Lord Herschell defined goodwill in Trego v. Hunt (1896) A.C. 7 at 17-18. He said: - "It...