The Talmud is a collection of Jewish and tradition; Mishnah and Gemara collected together. The study of the Talmud is an important religious duty for men.
The Talmud is the oral Torah. God gave it to Moses the same time he gave him the written torah. Although the Talmud is a supplement to the Written Torah, it still has great significance whereas the written torah sets out laws.
As the Talmud is known to be given to God by Moses as the same time as the written torah it is now know to be sacred. As it was passed down from rabbi to rabbi, it contains generations of wisdom.
It gives the interpretation of the Torah and includes case studies on how to observe the 613 mitvot. The belief for Jews that (PTO) the Talmud is sacred gives many Jews an understanding of the Jewish belief and practice.
The case studies make decisions on how the 613 mitvot should be observed today. Overall, the Talmud contains laws from the teachings of the Torah and how Jews should practice Jewish life.