Goodwill is a long-term asset categorized as an intangible asset. Goodwill arises when a company acquires another entire business. The amount of goodwill is the cost to purchase the business minus the fair market value of the tangible assets, the intangible assets that can be identified, and the liabilities obtained in the purchase.
Related Terms. Person who binds himself or herself, or the entity he or she is authorized to represent, by his or her signature to the terms of an agreement. By becoming a signatory on the loan, he was responsible to pay the bank $500 every month by the 31st or he would be taken to court over his failure to pay.
How to Terminate a Lease by a Tenant Before Occupancy. A signed lease is binding until brought to an end by expiry, legal process or mutual agreement. Leases are binding contracts that take legal effect on the day they are signed, not when the tenant moves in. Once signed, they bind the tenant to pay the rent and observe the lease provisions for the full term of the lease.