Electronics that conform to 3D surfaces are attracting wider attention from both academia and industry. The research in the field has, thus far, focused primarily on showcasing the efficacy of various materials and fabrication methods for electronic/sensing devices on flexible substrates. As the device response changes are bound to change with stresses induced by bending, the next step will be to develop the capacity to predict the response of flexible systems under various bending conditions. This paper comprehensively reviews the effects of bending on the response of devices on ultra-thin chips in terms of variations in electrical parameters such as mobility, threshold voltage, and device performance (static and dynamic). The discussion also includes variations in the device response due to crystal orientation, applied mechanics, band structure, and fabrication processes. Further, strategies for compensating or minimizing these bending-induced variations have been presented. Following the in-depth analysis, this paper proposes new mathematical relations to simulate and predict the device response under various bending conditions. These mathematical relations have also been used to develop new compact models that have been verified by comparing simulation results with the experimental values reported in the recent literature. These advances will enable next generation computer-aided-design tools to meet the future design needs in flexible electronics.