Peter reminds believers that they were ransomed not with perishable things like silver or gold but with the precious blood of Christ, a lamb without blemish or spot. The first part traces what the sermon calls the legal functions of that blood. It saves from God's judgment, as the blood on the doorposts in Egypt did. It makes atonement, as the two goats of the Day of Atonement pictured: one a sin offering, the other the scapegoat that carried Israel's sins away. It brings the remission of sins, cleanses the conscience from dead works, justifies, sanctifies, purchases a people for God from every nation, and redeems us from the curse of the law.
The second part carries the list on. By His blood Christ delivers His people from Satan's power, the stronger man overpowering the strong man, and gives them victory over the accuser, who is overcome by the blood of the Lamb. The decrees that stood against us are cancelled and nailed to the cross. Through His blood we have peace with God and are reconciled, brought near who were far away, given confident access to the holy place, and included in the new covenant. The series ends with the God of peace, who brought back our Lord Jesus by the blood of the eternal covenant.