What is the law regarding contracts and conflicts of interest?
Question Details: I am a 1099 contractor for various firms. There are 2 firms I have worked for, Business A and Business B. Working for both at the same time would pose a conflict of interest. My formal contract with Business A ends 03/16. Yet, there is a verbal understanding between me and the CEO of Business A that my work is to continue for this firm under the same terms just a different end date. Business B is knocking at my door to complete work for them. I realize there is an ethical dimension to the forthcoming question, however is it a conflict of interest to engage with Business B knowing that my work for Business A would normally pose a conflict of interest given my formal contract would have expired by the time I start with Business A?
For the vast majority of workers or contractors, there is no such as (legally speaking; ethically or morally is a different matter) "conflict of interest": the law allows you to work for competitors simultaneously, so long as you are not violating the terms of contract (such as a non-competition agreement, or some contract otherwise requiring you to work for only one company at a time). Only certain professions--for example, lawyers--have conflict-of-interest rules. If you are not violating any contract if and when you do this, you will be legally fine so long as you are not not in one of those few, heavily regulated professions like law (and if you were in one of those professions, you'd know it).