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What is a conflict of interest?

What is a conflict of interest? Here are some definitions.

Noun
  1. (law) A situation in which someone in a position of trust, such as a lawyer, insurance adjuster, a politician, executive or director of a corporation or a medical research scientist or physician, has competing professional or personal interests.
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Examples
The study sheds light on the fundamental conflict of interest between employers and trade unions regarding the labour supply.
This conflict of interest between big businesses and consumers was starkly demonstrated at a recent international food conference in Dublin.
These are some of the more complex aspects of corruption related to conflict of interest, clientelism, and nepotism.
The most that can be said is that a state must notify and consult wherever a possible conflict of interest exists.
Deputies will be expected to maintain their private financial affairs properly and to avoid any conflict of interest with their public duties.
Maya's conflict of interest between her ideals and her loyalty to her father's magazine fuels a smart episode with a nifty double-reverse plot.

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