How to resolve "iTunes could not back up the iPhone because the backup was corrupt"? When I try to sync my iPhone with my computer, I get the following message:




  iTunes could not back up the iPhone "iPhone Name"
  because the backup was corrupt or not compatible
  with the iPhone.
  
  Delete the backup for this iPhone, then try again.


Yet, here is no option to delete the backup. Where are backups stored / how can I delete the backup?

This is iTunes version 10.5.3 running under  Mac OS X 10.6.8.
From within iTunes navigate to the menu iTunes > Preferences > Devices. Select the backup file, then hit the delete button: