What were the key points of the Treaty of Versailles?

Context: The most critical and controversial provision in the treaty was: "The Allied and Associated Governments affirm and Germany accepts the responsibility of Germany and her allies for causing all the loss and damage to which the Allied and Associated Governments and their nationals have been subjected as a consequence of the war imposed upon them by the aggression of Germany and her allies." The other members of the Central Powers signed treaties containing similar articles. This article, Article 231, became known as the War Guilt clause. The treaty required Germany to disarm, make ample territorial concessions, and pay reparations to certain countries that had formed the Entente powers. In 1921 the total cost of these reparations was assessed at 132 billion gold marks. Because of the way the deal was structured, the Allied Powers intended Germany would only ever pay a value of 50 billion marks.

Answer: The Treaty of Versailles was a peace treaty to end World War I. The critical point in the treaty between the Germans and the Allied powers was that Germany accepted full responsibility for the loss and damage incurred to the Allies. Germany was required to disarm and pay reparations estimated at $31.4 billion in 1921.