The lesson plan teaches students about fractions through varied activities with the goal of having 80% accuracy in recognizing one half of a whole, showing one part of a whole, and sharing with others. The lesson involves showing pictures divided into parts, defining fractions as parts of a whole using illustrations of halves and fourths, and having students color parts of pictures and identify fractions. Students are evaluated by circling the correct fraction for colored parts of pictures. The assignment is to bring colored paper and scissors to the next class.