well, 1st of all, there's speed limit. doing street racing almost certainly means breaking that law. And i know there's a law against exhibition of speed (such as burn-outs). I think there's also a law specifically against street racing but not 100% sure. I suggest you go to a local library and pick up a traffic law book. Or you could probably interview an actual police officer, which might be really interesting.
That's pretty much all i can think of. good luck with your project, man.