In the business world today, we must have a firm grasp on the underlying concepts of contract formation to ensure that we make the best deal possible for our company and perform all of our obligations as necessary. As you discovered last week, contractual claims are going to be one of the common claims that arise on a regular basis in many businesses.
The next primer you will prepare for your department’s training series will give your colleagues additional information on some advanced contractual principles beyond formation. Prepare a 2–3-page, double-spaced document explaining how and why fraud invalidates a contract. Include in your treatment of this subject examples of undue influence and duress that can arise in the business context. Finally, you should describe some of the different types of damages and equitable remedies available in contract cases, and explain the common law doctrine of election of remedies from a business contract standpoint, using examples that might arise in your company’s day-to-day operations.
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