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Who gave this definition of goodwill 'Goodwill is nothing more than the probability that the old customer will resort to the old place'?

17. Who gave this definition of goodwill "Goodwill is nothing more than the probability that the old customer will resort to the old place"?

1. AICPA
2. Lord Elton
3. ICAI
4. Spicer and Pegler

Answer: B) Lord Elton

Explanation:

"Goodwill might be supposed to be that component emerging from the standing, associations or other. benefits moved by a business which empowers it to procure more noteworthy benefits than the return typically normal on the capital addressed by the net unmistakable resources utilized in the business." Was given by Lord Eldon.