Classes allow programmers to implement abstract data types (ADTs) to provide logical descriptions of data objects. A class defines an object's state via attributes and behaviors via methods. The Fraction class example demonstrates defining state as numerator and denominator attributes initialized in the __init__() constructor. Methods like __add__() and __eq__() allow Fraction objects to behave like numeric values and compare for equality. Exceptions must be handled to prevent program crashes from errors. List comprehensions provide a concise way to build lists through iteration and filtering.