You're correct, the law has not passed away. The requirements of it have been fully met (fulfilled) by Christ. By submitting our lives to Christ, his perfect fulfillment of God's law is credited to us, thereby freeing us from the penalty of the law.

This is obviously off topic from the original post, but hopefully it's a valuable conversation. It's actually a really important point that is reiterated throughout the New Testament explicitly and foreshadowed throughout the entire Old Testament.

This is a short helpful explanation http://www.desiringgod.org/articles/how-christ-fulfilled-and...