Goodwill - Law Dictionary Search Results
Home Dictionary Name: goodwillGoodwill
Goodwill, may be the whole advantage belonging to the firm, its reputation as also connection thereof. It, thus, means that every affirmative advantage as contrasted with negative advantage that has been acquired in carrying on the business whether connected with the premises of business or its name or style, everything connected with or carrying the benefit of the business, Ramnik Vallabhdas Madhwani v. Taraben Pravinlal Madhwani, (2004) 1 SCC 407: AIR 2004 SC 1084 (Partnership Act, 1932, s. 55).A business's reputation, patronage, and other intan-gible assets that are considered when apprising the business, esp. for purchase; The ability to earn income in excess of the an come that would be expected from the business veined as a mere collec-tion of assets, Black's Law Dictionary, 7th Edn., p. 703.The advantage or benefit which is acquired by a business, beyond the mere value of the capital, stock, funds, or property employed therein, incon-sequence of the general public patronage and ...
goodwill
goodwill 1 : an intangible asset that is made up of the favor or prestige which a business has acquired beyond the mere value of what it sells due to the personality or experience of those conducting it, their reputation for skill or dependability, the business's location, or any other circumstance incidental to the business that tends to draw and retain customers 2 a : the value of projected increases in the earnings of a business esp. as part of its purchase price b : the excess of the purchase price of a business above the value assigned for tax purposes to its other net assets NOTE: The Internal Revenue Code requires the purchaser of a business to allocate the purchase price among the various types of assets. Frequently the purchase price is greater than the sum of the values of the individual assets. The excess is labeled goodwill. Because of its indefinite life, goodwill is not amortizable as an asset. The purchaser will therefore usually try to keep the allocation to goodw...
Goodwill bonus
Goodwill bonus, it is a bonus which is given by the employer out of his free consent in order that there may be goodwill between him and his workmen; but there can be no question of imposing a goodwill bonus by industrial courts, as imposition of such a bonus is a contradiction of its very concept, New Maneck Chowk Spinning Weaving Co. Pvt. Ltd. v. Textile Labour Association, AIR 1961 SC 867: (1961) 3 SCR 1...
Landlord and Tenant Act, 1927
Landlord and Tenant Act, 1927 (English) (17 & 18 Geo. 5, c. 36), provides; for the payment of compensation for improvements and goodwill to tenants of premises used for business purposes or the grant of a new lease in lieu thereof, and in other respects amends the law of landlord and tenant. Ss. 1 to 3 deal with the conditions under which a tenant may claim compensation for improvements. S. 4, with conditions under which a tenant on leaving may claim compensation for goodwill attached to the premises by reason where of they could be let at a higher rent. Sect. 5 provides for the granting of a new lease when the sum which could be awarded under s. 4 would not compensate the tenant for his loss of goodwill. Other provisions of the Act ameliorate the position of the tenant with regard to breaches of repairing covenants and also with regard to covenants against assignment, covenants against improvements without consent and covenants against alteration of user without consent. See also LAND...
Passing off
Passing off, in action for passing off pray of actual deception is not necessary two marks bear an ovrall similarity as would be likely to mislead a person usually dealing with one to accept the other if offered to him, it is enough, National Match Works v. S.T. Karuppanna Nadar, AIR 1979 Mad 157.An infringement action is available where there is violation of specific property right acquired under and recognised by the statute. In a passing-off action, however, the plaintiff's right is independent of such a statutory right to a trade mark and is against the conduct of the defendant which leads to or is intended or calculated to lead to deception. Passing-off is said to be a species of unfair trade competition or of actionable unfair trading by which one person, through deception, attempts to obtain an economic benefit of the reputation which another has established for himself in a particular trade or business. The action is regarded as an action for deceit. The tort of passing-off inv...
Inter-Parliamentary relations
Inter-Parliamentary relations, is established among the different Parliament in the world through exchange of goodwill missions, delegations etc. with a view to promoting international understanding, peace and co-operation. The inter-parliamentary union and Commonwealth Parliamentary Association are the two international forums through which this task is sought to be achieved, Practice and Procedure of Parliament, M.N. Kaul and S.L. Shakdhar, 5th Edn., 2001, p. 1100....
Trade marks
Trade marks. by the Trade Marks Act, 1905 (English) (5 Edw. 7, c. 15), s. 3:-A 'mark' shall include a device, brand, heading, label, ticket, name, signature, word, letter, numeral or any combination thereof.A 'trade mark' shall mean a mark used or proposed to be used upon or in connexion with goods for the purpose of indicating that they are the goods of the proprietor of such trademark by virtue of manufacture, selection, certification, dealing with, or offering for sale.A 'registrable trademark' shall mean a trade mark which is capable of registration under the pro-visions of this Act.Subject to the Trade Mark Acts, the owner of a trademark has a right to its use in connection with the goods associated with it, whether or not it is registered or registrable by him, and if that right is infringed by a sale of other goods under his mark, or a colourable imitation or otherwise so as to be calculated to deceive a purchaser that those goods are goods of his manufacture, sale or mark, the ...
Successor-in-interest
Successor-in-interest, 'successor-in-interest' the relevant facts to be taken into account in determining this question was explained by Gajendragadkar, J. in the following words: Did the purchaser purchase the whole of the business? Was the business purchased a going concern at the time of the sale transaction? Is the business purchased carried on at the same place as before? Is the business carried on without a substantial break in time? Is the business carried on by the purchaser the same or similar to the business in the hands of the vendor? If there has been break in the continuity of the business, what is the nature of the break and what were the reasons responsible for it? What is the length of the break? Has goodwill been purchased? Is the purchase only of some parts and the purchaser having purchased the said parts purchased some other new parts and started a business of his own which is not the same as the old business but is similar to it? These and all other relevant factor...
Renewal of lease
Renewal of lease, a re-grant of an expiring lease for a further term. Where a lease contains a covenant by the lessor for renewal, this convenant is commonly subject to the condition that the covenants in the lease shall have been performed by the lessee, and this condition is strongly enforced by the Court, Finch v. Underwood, (1876) 2 Ch D 310.Leases may be surrendered in order to be renewed, without a surrender of under-leases, by virtue of the (English) Landlord and Tenant Act, 1730 (4 Geo. 2, c. 28), s. 6, before which Act a surrender of each under-lease was necessary.As to covenants for perpetual renewal, see Wynn v. Conway Corporation, (1914) 2 Ch 705, and cases there referred to.By the (English) Law of Property Act, 1922, s. 145, and 15th Sch., perpetually renewable leases have, from the 1st January, 1926, been converted into terms of 2,000 years from the date of the commen-cement of the existing term. The conversion is without prejudice to the covenants and conditions of the l...
Poison
Poison (poison, Fr.; fr. potio, Lat., a drink--applied originally to a medicated drink or draught].The administration of poison or other destructive thing, if done with intent to commit murder, is a felony, punishable with penal servitude for life, or any term not exceeding three years, or with imprisonment for any term not exceeding two years [(English) Offences against the Person Act, 1861, s. 11], and so is the attempt to administer with like intent, whether bodily injury be effected or not (s. 14).On a trial for murder of A, by poisoning, evidence of a subsequent poisoning of other persons is admissible against the prisoner, Reg. v. Geering, (1849) 18 LJMC 215; Rex v. Armstrong, (1922) 38 TLR 631; as also of antecedent poisoning, Reg. v. Garner, (1863) 3 F&F 681.Unlawful and malicious administering of poison so as to endanger life or to inflict grievous bodily harm is a felony, punishable by penal servitude up to ten years, or imprisonment; and such adminis-tration with intent to i...
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