For those new to sailing or for those that need a refresher, here are some basic sailing rules. The intent here is not to go in to detail, but just to provide the basics. These rules may be added to as required.
 
  1. A "port-tack" yacht shall give way to a "starboard-tack" yacht.

     
  2. A "windward" yacht shall keep clear of a "leeward" yacht.

     
  3. A yacht that is either tacking or gybing shall keep clear of a yacht on a tack AND a yacht shall neither tack nor gybe into a position that will give her right of way unless she does so far enough from a yacht on a tack to enable this yacht to keep clear without having to begin to alter her course until after the tack or gybe has been completed.

     
  4. Inside boats at 4 boat lengths from the mark are entitled to room around the mark.

     
     
If you have violated a rule, it is better to take a penalty than be scratched from the race. Penalty is normally one 360' turn.

http://www.ukhalsey.com/RulesQuiz/quiz_answer.asp