Goodwill

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.

Favorable reputation. The probability that the old customers will resort to the old place. 8 The advantage or benefit which is acquired by an establishment beyond the mere value of the capital, stock, 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 afflu- • Kirkland v. Prune,.31 Gratt. 131 (1878). 2 Passaic Manuf. Co. v. Hoffman, 3 Daly, 513 (1871). s Gibbs V. Usher, 1 Holmes, 361 (1874); Jarman, Wills, 731; Addison, Contr. 31, 201, 912. * Chamberlain v.. Western Transp. Co., 45 Barb. 223 (1806): 44 N. Y. 310 (1871); The Marine City, 6 ¥. E. 415 <1881), cases. See also Tisdale v. Harris, 20 Pick. 9, 13 <1838). s E. S. § 2766. See The Elizabeth & Jane, 2 Mas. 407 <1823); 2 Sumn. 363; 4 Blatch. 136. « 2 Pars. Cont. 830-32; 2 Kent, 510, note; Benj. Sales, § HI. ' Weston V. Mc Dowell, 20 Mich. 337 (1870). « Somerby v. Buntin, 118 Mass. S83 (1875), Gray, C. J.; 1 Woolw. 217; S Daly, 512; 6 Wend. 355; 40 Ind. 693; 55 Iowa, 620; 3B1. Com. 387. » Crultwell V. Lye, 17 Ves. *346 (1810). Eldon, Ld. C.; Bradford 1;. Peckham, 9 E. I. 252 (1869); Chittenden v. ence, or punctuality, or from other accidental circumstances or necessities, or even from ancient partialities or prejudices.! The benefit or advantage which accrues to the firm, in addition to the value of their property, derived from their reputation for promptness, fidelity and integrity in their transactions, from their mode of doing business, and other incidental circumstances, in consequence of which they acquire general patronage from constant and habitual customers. ^ Every positive advantage that has been acquired by a proprietor, in carrying on his business, whether connected with the premises in which the business is conducted, or with the name under which it is managed, or with any other matter carrying with It the benefit of the business.* Good-will is a firm asset; whether it survives to a partner has not been uniformly decided; after a voluntary dissolution, each partner has a right to use the old firm name, unless otherwise agreed; it is the subject of sale like other personalty.*