Good faith,
or in Latin bona fide , is the
mental and moral state of honesty,
conviction as to the truth or falsehood of a
proposition or body of opinion, or as to the
rectitude or depravity of a line of conduct,
even if the conviction is objectively
unfounded. This concept is important in law,
especially equitable matters.
Good Will
An intangible
business asset that arises from the
expectation of continued business activity
accruing from the reputation of a business.
Good will may be a
salable asset of a corporation and such may
be included in the balance sheet.
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