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This lecture covers the fundamentals of binary systems and phase diagrams, focusing on the behavior of liquid and solid phases at different temperatures and compositions. It explains the concept of conode, phase fractions, and the rule of levers in determining equilibrium phases. The instructor discusses examples such as the copper-nickel diagram and eutectic systems like water-ethanol, illustrating the complexity of phase equilibria. Additionally, the lecture delves into the solid-solid-liquid equilibrium, showcasing the interplay between different phases in materials. The session concludes with insights into elastic properties, including Poisson's ratio and modulus of elasticity, essential for understanding material behavior under deformation.