What is a common characteristic of a fallacy?

A common characteristic of a fallacy is that it results from incorrect reasoning. This means that a fallacy arises when an argument is based on flawed logic or a failure in reasoning. A fallacious argument may appear to be persuasive or valid at first glance, but upon closer examination, it does not hold up because it rests on assumptions or conclusions that are not logically sound. This characteristic of flawed reasoning highlights the importance of critically evaluating arguments to identify potential fallacies.

The other options do not accurately reflect the nature of a fallacy. A fallacy is not always based on factual evidence; rather, it may use misleading premises. Fallacies are not universally accepted truths; indeed, many are debunked or rejected by logical scrutiny. Lastly, fallacies are not applicable to every situation, as their validity depends on the specific context and the particular reasoning being employed. Thus, recognizing the role of incorrect reasoning is key to understanding what constitutes a fallacy.