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“For all have sinned and fall short of the glory of God, being justified freely by His grace through the redemption that is in Christ Jesus (Romans 3:23-34).” This is the chief part of Lutheran theology which is the theology of justification by grace. We are justified by grace (as an undeserved gift) through faith for Christ’s sake apart from works of the Law (Galatians 2:16). We can only be saved by grace through faith alone because unless Christ does everything, the sinner is lost and deserves eternal damnation. Christ took our place (Galatians 2:20). He provided an atonement in our place by perfectly fulfilling the Law, bearing our sins and punishment, and atoning for all of the world’s sins (Romans 5:10). This act of Christ is objective justification. Through the Word and Sacraments God then bestows this salvation earned by Christ. When we receive this righteousness Christ has won for us through faith (subjective justification), God, like a judge, declares us individually free from sin, acquitted. We are then justified (declared righteous) in God's courtroom for Christ's sake.
Lutherans draw all their beliefs from the Bible. Lutherans also realize that such beliefs are historical, that Christian belief is not changing or evolving through the years. For a summary of what we believe, see The Small Catechism, written by Dr. Martin Luther. For further details and elucidation, see The Book of Concord.