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Simple English definitions for legal terms

conflict of interest

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A quick definition of conflict of interest:

A conflict of interest is when someone has a problem being fair to different people because they have a relationship with them already. For example, a lawyer might have two clients who want different things, and the lawyer can't help both of them at the same time. The lawyer has to tell both clients about the problem and get their permission to keep helping them. This is important because everyone deserves to have someone who is only looking out for their best interests. In some cases, like with insurance, the company might have a lawyer who is supposed to help both the company and the person who bought the insurance. This can be a problem because the company might want to do things that are good for them but not good for the person who bought the insurance. To fix this, the person who bought the insurance might get their own lawyer who only helps them.

A more thorough explanation:

A conflict of interest occurs when there is a problem with the ethical relationship between two parties who have a preexisting connection. This can happen in law when an attorney's interests conflict with those of their client, another client, or a third-party. Attorneys have a responsibility to represent their clients' interests, but when they have multiple clients, their duties can conflict, making it impossible to fulfill both at once.

For example, if an attorney represents both the plaintiff and defendant in a case, advocating for one will inherently be advocating against the interests of the other. Attorneys must check for potential conflicts before accepting a client. If they believe there is a potential conflict of interest, they must notify their client and obtain written, informed consent from all affected parties before proceeding.

Conflicts of interest are particularly relevant in the field of insurance, where the insurance company may represent both the policyholder and the insurer. This creates a potential conflict of interest because the insurance company may take actions that harm the interests of the policyholder. For example, if the insurance company declines an early settlement offer, it may expose the policyholder to greater liability if they lose at trial.

To resolve conflicts of interest in insurance, some states require insurance companies to appoint separate counsel, known as cumis counsel, to exclusively represent the interests of the policyholder. For example, California Civil Code §2860 requires insurance companies to pay for the policyholder's choice of cumis counsel if they wish to reserve their right to contest whether the harm in question is covered by the policy.

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OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
power score bible for logic games
@Coolperson49494: yeah but i physically cant get 10k in less than a month :(
it would take me like 6 months to get 10k
i agree that gulc is worth it for me, but i just do not have the means of upending all my plans and moving to dc
@MightyUnableSphinx: i cant pay back 10k with no job, and i'm already 5k in debt. i just do not have the means to attend gulc 😭😭
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