What was the penalty of not fulfilling the righteous requirement of the law? Death…. When we do not fulfill the requirements of God’s law we are sinning, and the wages of sin is death.
The righteous requirements of the law have been met though not by us. There is one who not only satisfies God’s justice but, provides righteousness for those who would receive it by faith. Rom 3:22-26
22 This righteousness from God comes through faith in Jesus Christ to all who believe. There is no difference, 23 for all have sinned and fall short of the glory of God, 24 and are justified freely by his grace through the redemption that came by Christ Jesus. 25 God presented him as a sacrifice of atonement, through faith in his blood. He did this to demonstrate his justice, because in his forbearance he had left the sins committed beforehand unpunished— 26 he did it to demonstrate his justice at the present time, so as to be just and the one who justifies those who have faith in Jesus.
When we as Christians place our faith in Jesus Christ we partake of His sacrificial death. In His death we see that our sins are both atoned for and taken away from us. Jesus gave himself for us so that we could experience the complete and total freedom from sin.
There is another thing that Jesus’ death did for us. By making atonement for our sins He also allows us to partake of His right standing before God. He in fact imputes His righteousness upon the believer.
What does the word impute mean? It means to extend quality to someone else or to regard a quality such as righteousness that applies to somebody as also applying to another person associated with him or her.