Final answer:
The Code of Hammurabi was significant as the first written collection of laws, aiming to enforce justice within Hammurabi's empire, although it based penalties on social class status.
Step-by-step explanation:
The Code of Hammurabi was a major achievement because it was the first written collection of laws. Contrary to the option suggesting it rejected the principle of an 'eye for an eye and a tooth for a tooth,' this Babylonian code actually embraced that concept as a basis for its laws. It did not, however, treat men and women as equals or end capital punishment. Instead, it established different laws for the 'free men' or aristocrats, commoners, and slaves, and provided some legal protections for women, although they were not equal to those of men.
Instituted by the Babylonian King Hammurabi around 1754 BC, the Code of Hammurabi outlined a comprehensive system that intended to enforce justice and fairness within the empire regardless of social status. Penalties were, however, often based on class; a transgression by a free man could be penalized differently than the same offense committed by a slave. Nonetheless, this legal compendium laid down the foundation for law and order in Mesopotamia, influencing both ancient and subsequent legal systems. Its longevity testifies to its significance, resonating through time as a document of great historical and legal importance.