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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