Step 1 :A polynomial of least degree with roots 1 and -2 can be found by using the fact that if r is a root of a polynomial, then \((x-r)\) is a factor of that polynomial.
Step 2 :Therefore, the polynomial with roots 1 and -2 is \((x-1)(x+2)\).
Step 3 :We can multiply these factors to get the polynomial in standard form.
Step 4 :The polynomial in standard form is \(x^2 + x - 2\).
Step 5 :Final Answer: The polynomial of least degree with roots 1 and -2 is \(\boxed{x^2 + x - 2}\).