MGT 401 – Exam 1 – 2026 – Study Guide and Practice Material
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.
___ 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
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
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
Private Law - correct answer ✔✔ Contracts
Substantive Law - correct answer ✔✔ Rules governing behavior and action of individuals
Jurisprudence - correct answer ✔✔ The study of law and its theories, and philosophy
Natural Law - correct answer ✔✔ Theory that some principles are law regardless of what the
government says
Legal Positivism - correct answer ✔✔ School of thought that believes that law is law regardless.
If you disagree work within the system to change it
Historical School - correct answer ✔✔ A school of legal thought that looks to the past to
determine what the principles of contemporary law should be.
Legal Realism - correct answer ✔✔ A school of legal thought that holds that the law is only one
factor to be considered when deciding cases and that social and economic circumstances should
also be taken into account. There are biases
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.
___ 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
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
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
Private Law - correct answer ✔✔ Contracts
Substantive Law - correct answer ✔✔ Rules governing behavior and action of individuals
Jurisprudence - correct answer ✔✔ The study of law and its theories, and philosophy
Natural Law - correct answer ✔✔ Theory that some principles are law regardless of what the
government says
Legal Positivism - correct answer ✔✔ School of thought that believes that law is law regardless.
If you disagree work within the system to change it
Historical School - correct answer ✔✔ A school of legal thought that looks to the past to
determine what the principles of contemporary law should be.
Legal Realism - correct answer ✔✔ A school of legal thought that holds that the law is only one
factor to be considered when deciding cases and that social and economic circumstances should
also be taken into account. There are biases
