MGT 401 Exam 1 Actual Questions and
Answers 2026
Law -
correct answer ✅enforceable rules governing relationships among
individuals and between individuals and their society
Legal Remedy -
correct answer ✅Money
Equitable Remedy -
correct answer ✅A court order
Types of Equitable Remedies -
correct answer ✅injunction, restraining order, specific
performance, rescission
Sources of Law -
correct answer ✅Us Constitution, State Constitutions, Federal and
State Statutory Law, Local Statutes, Administrative Law, Treaties,
Case Law
Federal Statuates -
correct answer ✅Laws enacted by a legislative body that dictate
the conduct of persons or organizations subject to the law.
,MGT 401 Exam 1 Actual Questions and
Answers 2026
___ U.S.C § ____
State Statutes -
correct answer ✅Statutes enacted by state legislatures N.Y ____
Law § _____
Local Statutes -
correct answer ✅county, city, town or village. Also limited
geographicaly
Administrative Law -
correct answer ✅In charge of...
-Rules and Regulations
-executive and independent agencies
-enforcement
- ___C.F.R § ____
Treaties -
correct answer ✅Agreements between 2 or more countries
-passed by executive branch with advisory + consent of the senate
,MGT 401 Exam 1 Actual Questions and
Answers 2026
Case Law -
correct answer ✅court decisions that have the status of law and
serve as precedents for later decisions
Stare Decisis -
correct answer ✅Let the decision stand; decisions are based on
precedents from previous cases
IRAC format -
correct answer ✅-Issue
-Rule
-Application
-Conclusion
Legal Reasoning -
correct answer ✅The process of reasoning by which a judge
harmonizes his or her decision of this particular case with the
judicial decisions of previous cases.
Plaintiff -
correct answer ✅A person who brings a case
, MGT 401 Exam 1 Actual Questions and
Answers 2026
Defendant -
correct answer ✅A person being sued or accused of a crime
Civil Law -
correct answer ✅Plaintiff and Defendant both represented by
attorneys that are paid by the respective parties. No free lawyers.
Purpose is for remedy (usually legal)
Criminal Law -
correct answer ✅A law that defines crimes against the public
order. DA office represents state. Focus on punishment equity
Other Classifications of Law -
correct answer ✅-Primary vs. Secondary Law
-Substantive Law vs Procedural Law
-Public Law vs Private Law
-Law vs Equity
-Cyberlaw
Answers 2026
Law -
correct answer ✅enforceable rules governing relationships among
individuals and between individuals and their society
Legal Remedy -
correct answer ✅Money
Equitable Remedy -
correct answer ✅A court order
Types of Equitable Remedies -
correct answer ✅injunction, restraining order, specific
performance, rescission
Sources of Law -
correct answer ✅Us Constitution, State Constitutions, Federal and
State Statutory Law, Local Statutes, Administrative Law, Treaties,
Case Law
Federal Statuates -
correct answer ✅Laws enacted by a legislative body that dictate
the conduct of persons or organizations subject to the law.
,MGT 401 Exam 1 Actual Questions and
Answers 2026
___ U.S.C § ____
State Statutes -
correct answer ✅Statutes enacted by state legislatures N.Y ____
Law § _____
Local Statutes -
correct answer ✅county, city, town or village. Also limited
geographicaly
Administrative Law -
correct answer ✅In charge of...
-Rules and Regulations
-executive and independent agencies
-enforcement
- ___C.F.R § ____
Treaties -
correct answer ✅Agreements between 2 or more countries
-passed by executive branch with advisory + consent of the senate
,MGT 401 Exam 1 Actual Questions and
Answers 2026
Case Law -
correct answer ✅court decisions that have the status of law and
serve as precedents for later decisions
Stare Decisis -
correct answer ✅Let the decision stand; decisions are based on
precedents from previous cases
IRAC format -
correct answer ✅-Issue
-Rule
-Application
-Conclusion
Legal Reasoning -
correct answer ✅The process of reasoning by which a judge
harmonizes his or her decision of this particular case with the
judicial decisions of previous cases.
Plaintiff -
correct answer ✅A person who brings a case
, MGT 401 Exam 1 Actual Questions and
Answers 2026
Defendant -
correct answer ✅A person being sued or accused of a crime
Civil Law -
correct answer ✅Plaintiff and Defendant both represented by
attorneys that are paid by the respective parties. No free lawyers.
Purpose is for remedy (usually legal)
Criminal Law -
correct answer ✅A law that defines crimes against the public
order. DA office represents state. Focus on punishment equity
Other Classifications of Law -
correct answer ✅-Primary vs. Secondary Law
-Substantive Law vs Procedural Law
-Public Law vs Private Law
-Law vs Equity
-Cyberlaw
