The main goal of this paper is to describe the characteristics and properties of solutions, focusing on liquid mixtures. In order to better understand them, this paper defines important terms (such as solution, solvent and solute) and the corresponding equations are described. Furthermore, the paper defines the chemical potential which helps to describe the physical properties of solutions. How the chemical potential of a certain component changes alters on the change in the composition of the mixture is described by a well-known chemical equation called the Gibbs-Duhem equation. Some properties, which are unique to solutions, depend only on the number of particles of the solute and not on their nature. Such properties are called colligative properties and can be explained thermodynamically based on the reduction of the chemical potential of the solution with regard to the chemical potential of the pure solvent. This paper concludes with a detailed interpretation of how colligative properties such as boiling point elevation, freezing point depression and the osmotic pressure of solutions depend on the amount of solute present, and how molar masses can be determined mathematically from the above properties.