How to understand the requirement of `std::lower_bound`?

As per the document about std::lower_bound, which says that:

The range [first, last) must be partitioned with respect to the expression element < value or comp(element, value), i.e., all elements for which the expression is true must precede all elements for which the expression is false. A fully-sorted range meets this criterion.

I have a little difficulty to fully understand it.

What's element < value? It seems that element (or value) is never mentioned before this paragraph in the aforementioned document. Does the said element mean the elements before the current element, and the said value means the value of the current element?