A modular structure, stud therefor, and method of construction are disclosed. The modular structure includes a wall formed of an inner and outer panel defining a cavity therebetween. The stud may be disposed between the inner and outer panels with one of the panels being secured to a first portion of the stud and the other of the panels being secured to a second portion of the stud such that the first and second portions are relatively movable but may be interlocked in a fixed position within the cavity such that the inner and outer panels of the wall can be maintained in spaced apart relationship by a preselected distance. The method of construction includes placing one modular structure on top of another. Additionally, the present invention contemplates the use of retainers for maintaining a wall in a selected position relative to a floor and ceiling.