Let A be a ring, F′,F,F′′ three A-modules and u:F′→F,v:F→F′′ two homomorphisms. For the sequence
0⟶F′vFuF′′
to be exact, it is necessary and sufficient that, for every A-module E, the sequence
0⟶Hom(E,F′)uˉHom(E,F)vˉHom(E,F′′)
(where uˉ=Hom(1E,u),vˉ=Hom(1E,v)) be exact.
Suppose that the sequence (5) is exact. Note first that
vˉ∘uˉ=Hom(1E,v∘u)=0
(II, §1, no. 2, formula (10)) since v∘u=0. The image of Hom(E,F′) under uˉ is therefore contained in the kernel N of vˉ; let f be the homomorphism of the Z-module Hom(E,F′) into N whose graph is equal to that of uˉ; it is necessary to prove that f is bijective and hence to define a mapping g:N→Hom(E,F′) such that f∘g and g∘f are the identity mappings. For this, let w be an element of N, that is a linear mapping w:E→F such that v∘w=0. The latter relation is equivalent to w(E)⊂Ker(v)=u(F′) by hypothesis, hence, since u is injective, there exists one and only one linear mapping w′:E→F′ such that w=u∘w′ and we take g(w)=w′; it is immediately verified that g satisfies the desired conditions.
Conversely, suppose that sequence (6) is exact for every A-module E. As Hom(1E,v∘u)=vˉ∘uˉ=0, then v∘u∘w=0 for every homomorphism w:E→F′. Taking E=F′ and w=1F′, it is seen first that v∘u=0 and hence u(F′)⊂Ker(v). Now we take E=Ker(v) and let ϕ:E→F be the canonical injection. Then vˉ(ϕ)=v∘ϕ=0 by definition and hence there exists ψ∈Hom(E,F′) such that ϕ=uˉ(ψ)=u∘ψ, which obviously implies Ker(v)⊂u(F′) and completes the proof of the exactness of (5) at F. Finally, if θ is the identity mapping of Keru, then uˉ(θ)=0, hence θ=0 and Keru={0}, which proves the exactness of (5) at F′.
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.