Last week, we have seen how contract law permeates every section of our lives. From employment, to conveyancing or even to social and recreational activities such as buying a drink in the bar, contracts are created all around us. While the majorities are short lived and the terms fairly simple and unobtrusive, breaches of such agreements may still be enforced with all the force of the law as with the more serious forms of contract. 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 department’s training series will give our colleagues additional information on some advanced contractual principles.
The presence of fraud affects the authenticity of the innocent party’s consent to a contract. When an innocent party is fraudulently induced to enter into a contract, the contract usually can be avoided because she or he has not voluntarily consented to the terms. Normally, the innocent party can either cancel the contract and be restored to her or his original position or enforce the contract and seek damages for harms resulting