“The time to acquire a target is a function of the distance to and size of the target” This means that the touch points/targets should be large enough for the users to be without having to be careful. The buttons have to have proper placement and be placed well.
The overall meaning behind it is about usability which is the ease of use for the users. The interaction should be painless and straightforward, requiring minimal effort, making sure a button is appropriately sized is an easy way to do this. Another important time to remember is the time it takes for a user to press something as that will greatly impact the response.
I used this law when I was prototyping as the back arrows were very small and hard to press so I added a box with no fill on it and linked it up instead, so that the usability was high and easy.
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“People judge an experience largely based on how they felt at its peak and at its end, rather than on the total sum or average of every moment of the experience.” meaning people only tend to remember the most intense points whether they are good or bad.
By knowing the elements that are the most helpful and valuable you can understand how to create something good for the users. It's also important to remember that people will remember negative experiences before positive ones. A way to use this to your advantage is by making sure at key moments that the experience is positive so the overall one is too.
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“Users often perceive aesthetically pleasing design as design that’s more usable” Means that the nicer looking a design is the more positive feelings people have as a result and tricks the brain into thinking it works better user experience work overall.
It also means any small issues with the software are less likely to be noticed if the design is good. The issue that comes up is that the useability testing can be missed because of the visually pleasing design. An interesting thing about this is that if the design isn't good it doesn't matter to the user as long as it's aesthetically pleasing it doesn't matter.