This document discusses the chemical and physical properties of oils and fats. It begins by describing the structures of lipids and fatty acids, including saturated and unsaturated varieties. It then covers the chemical and biological synthesis of fatty acids. The physical properties of oils and fats are influenced by their fatty acid compositions. Chemical properties include hydrolysis, saponification, halogenation, and oxidation (rancidity). Preventing rancidity involves controlling exposure to light, oxygen, moisture, and bacteria.