A simple algebraic characterization of nonstandard extensions
  We introduce the notion of "functional extension" of a set X, by means of two natural algebraic properties of the operator * on unary functions. We study the connections with ultrapowers of structures with universe X, and we give a simple characterization of those functional extensions that correspond to limit ultrapower extensions. In particular we obtain a purely algebraic proof of Keisler's characterization of nonstandard (= complete elementary) extensions. 
Marco Forti
math.LO