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Theories are statements that seek to explain some phenomena in nature, but do not give a certainty that this is correct. Thus, a theory is a form of explanation that is open to reformulation because it does not present an absolute truth. A law, however, presents a concrete statement, completely proven and that is not intended to explain a phenomenon, but rather to expose generalized information on the subject addressed.
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A conflict of interest can come in a situation where an individual has competing interests or loyalties because of their duties to more than one person or organization. A person with a conflict of interest can't do justice to the actual or potentially conflicting interests of both parties. For instance, if internal auditor, who is in a position of trust, has a competing professional or personal interest.
Another example is if a person have a loyalty to an employer and also loyalty to a family business. Each of these businesses expects the person to have its best interest first. Thus, the conflict .
Such competing interests can make it difficult to fulfill his or her duties impartially.
A conflict of interest exists even if no unethical or improper act results.
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