Abstention is the act or instance of deliberately refraining from an action or practice, often seen in the context of voting and decision-making.
A blind trust is a financial arrangement in which a person in public office or high-ranking position places their private financial affairs under the management of an independent trustee, who manages the assets without communicating details to the beneficial owner to prevent conflicts of interest.
A notional information barrier established within an organization to prevent the exchange of sensitive or proprietary information between departments, especially to avoid conflicts of interest and ensure compliance with regulations.
A conflict of interest arises when an individual, such as a public official, faces a clash between their personal interests and their professional responsibilities. This situation can compromise their impartiality and decision-making capabilities.
Dual agency refers to a real estate scenario where a single agent represents both the buyer and the seller in a transaction. This practice is accepted in many states, provided there is full disclosure and consent from both parties. However, it is often met with skepticism as each party prefers individual representation to have their interests safeguarded.
A related party transaction is an interaction between two parties where one party can exercise control or significant influence over the operating policies of the other, resulting from a special relationship such as between a business enterprise and its principal owners.
