A conflict of interest refers to a situation in which an individual or entity is placed in a scenario where it would be virtually impossible for them to remain impartial. A conflict of interest has the potential to undermine an individual’s self-interest or the best interest of the general public. A common form of falling into a conflict of interest in the business world is nepotism. This refers to an employer hiring a family member for a high-ranking position at a company when the relative is not the most qualified applicant for the job. Receiving gifts or engaging in self-dealing are also considered forms of conflict of interest.
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