Final answer:
Conflicts of interest refer to payments, gifts, or special favors given to individuals with the intention to influence the outcome of a decision.
Step-by-step explanation:
The statement in the question is True. Conflicts of interest refer to payments, gifts, or special favors given to individuals with the intention to influence the outcome of a decision. This can create a situation where the individual's judgment is compromised due to the personal benefits received. For example, if a politician receives a large campaign donation from a company and then makes decisions that favor that company, it would be considered a conflict of interest.