Solicitors & Lawyers
Legal Phrases
Term: goodwill
1.
In the context for business reputation, at law goodwill is the attractive force that brings in custom. Goodwill and reputation are prequisites for a successful action in Passing Off. Goodwill is created by trading activity. Whether is exists in a particular trading enterprise (as well non-profit enterprises) depends upon the particular facts of the case, and in exceptional circumstances may be created in pre-launch preparations and short periods of time. Depending on the scale of the trading activities, residual goodwill may remain despite the cessation of trade.
Usage: The business had sufficient goodwill in locality in England to sustain an action in the Tort of Passing Off.
Related Words: reputation; passing off; trade mark; registered trade marks; intellectual property; intellectual property rights.
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