What it means for the incorrect usage of "and" to check multiple items in a list?

I understand the proper way to check multiple items in a list is to use any and all, like this.

A slow method is shown below in the second if-statement (if 'e' in lst and 'b' in lst). However, the first if-statement below does not return any error, so what actually it is doing? i.e. what is the exact meaning of if 'e' and 'b' in lst?

lst = ['a','b','c']
if 'e' and 'b' in lst:
    print(1)
if 'e' in lst and 'b' in lst:
    print(2)

>>> 1

>Solution :

It first checks for if ‘e’ is true and (as it has a value it evaluates to True) and then checks for ‘b’ in the meat which is true so it evaluates to true as well and prints 1