* Formal: The judge recused himself from the case due to a conflict of interest, as his son was one of the defendants.
* Informal: The company's CEO was accused of a conflict of interest when he awarded a lucrative contract to his own brother's firm.
* Example-based: A conflict of interest arose when the city council member voted on a zoning change for a property she owned.
* Complex: To avoid a conflict of interest, the company's internal audit team must be independent of the departments they are auditing.
Remember, a conflict of interest exists when a person's personal interests could potentially compromise their professional duties.