On example of diffusion-limited reversible A + A ⇋ B reactions we re-examine two fundamental concepts of classical chemical kinetics -the notion of "Chemical Equilibrium" and the "Law of Mass Action". We consider a general model with distance-dependent reaction rates, such that any pair of A particles, performing standard random walks on sites of a d-dimensional lattice and being at a distance µ apart of each other at time moment t, may associate forming a B particle at the rate k + (µ). In turn, any randomly moving B particle may spontaneously dissociate at the rate k − (λ) into a geminate pair of As "born" at a distance λ apart of each other. Within a formally exact approach based on Gardiner's Poisson representation method we show that the asymptotic t = ∞ state attained by such diffusion-limited reactions is generally not a true thermodynamic equilibrium, but rather a non-equilibrium steady-state, and that the Law of Mass Action is invalid.The classical concepts hold only in case when the ratio k + (µ)/k − (µ) does not depend on µ for any µ.