I want to remove this vertex to create a straight line between the vertices on either side. If i delete it, it will remove the attached face too. Is there a simple, easy way to remove it and have the face automatically adjust to the new shape?
Select the vertex and press X then Dissolve Vertices instead of delete. Another shortcut is CTRL + X. Similar
dissolve actions can be done with edges and faces too. See Deleting vertices and edges