Which of the following best defines the term 'conflict of interest'?

The term 'conflict of interest' is best defined as a situation in which an individual holds multiple interests or responsibilities that could potentially corrupt their motivations or lead to biased decision-making. This scenario typically arises when personal interests, such as financial gains or relationships, could interfere with the objective performance of duties within a professional context. For example, a board member who has a financial stake in a business may face a conflict of interest if they need to make decisions that could impact that business's success or profitability.

Option A describes a situation where a decision benefits only one party, but it does not encompass the broader implications of having conflicting interests. Option B refers to seeking a third-party opinion, which may not necessarily relate to conflicts of interest. Option D speaks about a business dealing with external conflicts, which doesn’t capture the personal or professional conflicts that arise within an individual. Thus, the correct definition focuses on the potential for compromised motives due to multiple, possibly conflicting, interests.