Not Literally Binding

From 40 Questions About Christians and Biblical Law, by Thomas R. Schreiner, on what is commonly called the third use of the law, the use of the law as a rule for life for Christians:

Strictly speaking, the idea that believers are under the third use of the law is mistaken, for we have seen that the entire law is abolished for believers. Still, the notion is not entirely wrong since Paul’s teaching is filled with exhortations that call upon believers to live in a way that pleases God. As we saw in the previous question, some of the commands are from the Old Testament law, and surely they function as a standard for the lives of believers today. Still, derivation from the Old Testament does not make them authoritative. They are God’s will for human beings because they represent God’s character. Even though the Old Testament law is not literally binding upon believers, we see principles and patterns and moral norms that still apply to us today since the Old Testament is the word of God.

What do you think?