For every A-module E, the following conditions are equivalent: (i) E is flat. (ii) For every A-module P of finite presentation, the canonical homomorphism
HomA(P,A)⊗AE→HomA(P,E)
is surjective. (iii) For every A-module P of finite presentation and every homomorphism u:P→E, there exists a free A-module L of finite type and homomorphisms v:P→L and w:L→E such that u=w∘v. (iv) There exists a filtered ordered set J, an inductive system of free modules of finite type (Lj)j∈J and an isomorphism of E onto limLj. (iv) ⇒ (i) : this follows from prop. 4 (ii) of X, p. 8. (i) ⇒ (ii) : this follows from prop. 8b) of X, p. 12. (ii) ⇒ (iii) : let P be a A-module of finite presentation and u:P→E a homomorphism; by (ii), there exist v1,…,vn∈HomA(P,A), w1,…,wn∈E such that u(x)=∑vi(x)wi for every x∈P; if v:P→An is the homomorphism of components (vi) and w:An→E the homomorphism (ai)↦∑aiwi, we indeed have u=w∘v. (iii) ⇒ (iv) : suppose (iii) is verified, and let (Eα,φβ,α) be an inductive system, relative to a filtered set I, of A-modules of finite presentation, with inductive limit E
(X, p. 11, prop. 7). Replacing I by the lexicographic product I × N, with E_{(α,n)} = E_α for every n, we may suppose that I has no greatest element. For each α ∈ I, let L_α be a free A-module of finite type and let u_α : E_α → L_α, v'_α : L_α → E be homomorphisms such that v'_α ∘ u_α is the canonical mapping φ_α of E_α into E; since L_α is free of finite type and I has no greatest element, there exists an index β > α and a homomorphism v''_α : L_α → E_β such that v'_α = φ_β ∘ v''_α; since φ_β ∘ v''_α ∘ u_α = φ_β ∘ φ_β,α and E_α is of finite presentation, it follows from prop. 8a) of X, p. 12, that there exists γ ≥ β such that φ_{γβ} ∘ v''_α ∘ u_α = φ_{γβ} ∘ φ_{βα} = φ_{γα} ; let γ = f(α) and let v_α be the homomorphism φ_{γβ} ∘ v''_α from L_α into E_{f(α)} ; we have v_α ∘ u_α = φ_{f(α),α}. We can then apply lemma 2, whence (iv).
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.