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. Contractual claims are going to be one of the common claims that arise on a regular basis in many businesses.
Prepare a 2- to 3-page document explaining some advanced contractual principles beyond formation.
You will need to address the following items in your essay...
(1) Explain how and why fraudulent misrepresentation invalidates a contract. (Note that "fraudulent misrepresentation" is different than the "statute of frauds" which is not a topic in this paper)
(2) Discuss (a) undue influence and (b) duress, both of which can arise in the business context. Be sure to give an example of each.
(3) Describe some of the different types of (1) damages available in contract cases and (2) equitable remedies available in contract cases