1) Chemical equilibrium occurs when the rates of the forward and reverse reactions are equal. The law of mass action states that the rate of a reaction depends on the concentrations of reactants.
2) The equilibrium constant, K, is defined as the ratio of products over reactants at equilibrium. For heterogeneous reactions involving different phases, the equilibrium constant is expressed in terms of partial pressures.
3) According to Le Chatelier's principle, if a stress is applied to a system at equilibrium, the equilibrium shifts to minimize the effect of the stress. Changes in concentration, pressure, or temperature cause the equilibrium to shift left or right to counteract the applied change.