Here is a good summary from Wikipedia:
The Eucharist (/ˈjuːkərɪst/; also called Holy Communion or the Lord's Supper, among other names) is a Christian rite that is considered a sacrament in most churches, and as an ordinance in others. According to the New Testament, the rite was instituted by Jesus Christ during the Last Supper; giving his disciples bread and wine during the Passover meal, Jesus commanded his followers to "do this in memory of me" while referring to the bread as "my body" and the cup of wine as "the new covenant in my blood". Through the Eucharistic celebration Christians remember both Christ's sacrifice of himself on the cross and his commission of the apostles at the Last Supper. When ye come together therefore into one place, this is not to eat the Lord's supper.
In the time of the Apostle Paul people had already began to pervert The Lord's Supper to a kind of selfish potluck dinner with people grabbing food before it was distributed. Others got drunk on alcoholic wine. Jesus would never have used alcoholic wine because the Bible teaches against it.
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Proverbs 23:31-33 King James Version (KJV):
And NO… Jesus did not turn water into alcoholic wine. He was not a Bartender and turned the water into fresh grape juice.
Paul had to clarify the meaning and method of The Lord's Supper to the Corinthians.
1 Corinthians 11:
The Eucharist Examined
31 Look not thou upon the wine when it is red, when it giveth his colour in the cup, when it moveth itself aright.
32 At the last it biteth like a serpent, and stingeth like an adder.
33 Thine eyes shall behold strange women, and thine heart shall utter perverse things.
21 For in eating every one taketh before other his own supper: and one is hungry, and another is drunken.
22 What? have ye not houses to eat and to drink in? or despise ye the church of God, and shame them that have not? What shall I say to you? shall I praise you in this? I praise you not.
The Corinthians thought what they were doing was spiritual. Paul corrected them and explained that The Lord's Supper was not a part of their salvation, but rather existed to remind Christians to live for Jesus because of the sacrifice He made as a payment for our sins. It was also an opportunity for Believers to examine how they were living. Those that were ignoring God in their everyday lives could backslide to the point that they did things which might cause them to become sick or even die. Alcoholism and Venereal Diseases were common in those days and both can kill.
1 Corinthians 11:.
23 For I have received of the Lord that which also I delivered unto you, That the Lord Jesus the same night in which he was betrayed took bread:
24 And when he had given thanks, he brake it, and said, Take, eat: this is my body, which is broken for you: this do in remembrance of me.
25 After the same manner also he took the cup, when he had supped, saying, This cup is the new testament in my blood: this do ye, as oft as ye drink it, in remembrance of me.
26 For as often as ye eat this bread, and drink this cup, ye do shew the Lord's death till he come.
Paul also made it clear that The Lord's Supper was only for Christians and that people should NOT rely on it for Salvation. Those Christians that partake in it need to use the opportunity to examine their actions to be sure they are living a Christ centered life.
27 Wherefore whosoever shall eat this bread, and drink this cup of the Lord, unworthily, shall be guilty of the body and blood of the Lord.
28 But let a man examine himself, and so let him eat of that bread, and drink of that cup.
29 For he that eateth and drinketh unworthily, eateth and drinketh damnation to himself, not discerning the Lord's body.
30 For this cause many are weak and sickly among you, and many sleep.
The Lord's Supper is not a sacrament that is necessary to have your sins forgiven. It is not a way to confirm people into a local church. It is a way for Christians to be reminded of the gift from God, the sacrifice that Jesus Christ made to pay for their sins.
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