I was asked about the Law and here is something that summarizes it well.

Summary (http://www.biblicalstudies.org.uk/article_law.html)

1. The Old Testament Law represents God's covenant with the nation of Israel. It's commandments do not apply directly to Christians except when specifically renewed.

2. All Scripture is useful and inspired by God (2 Tim. 3:16). The underlying principles contained in the commandments are relevant for us today.

3. The Law reveals God's character and standards. These never change.

4. The Law ultimately points to Jesus Christ, the One who fulfilled it by His teaching, sinless life and sacrificial death. Avoid reading the Old Testament as if it were the New.