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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?

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