Please read the official tutorial on WordPress Codex.

The easiest way to update the theme is to use Envato Market plugin.

Alternatively, you can download the installable lore.zip file from your ThemeForest account / Downloads and then either unzip it and upload it under wp-content/themes via FTP (overwrite the existing lore folder), or upload the file via admin under Appearance / Themes / Add New / Upload Theme (you will have to deactivate and remove your current version of the theme first).

You should update the parent theme only. The child theme is NOT supposed to be updated!

Once you’ve updated the theme, you should see an admin notification which will lead you through the process of updating the bundled plugins (if there are any which needs updating).

Alternatively, you can download the complete theme package from your ThemeForest account / Downloads, unzip it and check out the changelog.txt file to see which plugins were updated in the recent version. You will find all installable plugin files in the Plugins folder. Now, either unzip each plugin file you want to update and upload them under wp-content/plugins via FTP (overwrite the existing folders), or upload each .zip file via admin under Plugins / Add New / Upload Plugin (you will have to deactivate and remove your current versions of those plugins first).

The forum seen on the demo site was created using the bbPress plugin. Please follow the official documentation to learn how to configure it. You can download the dummy data here.

To add a contact form similar to one seen in the demo site, first install and activate the Contact Form 7 plugin. Then download and unzip the full theme package from your ThemeForest account / Downloads (if you haven’t already) and upload the cf7-contact-form.xml file from the Demo Data folder under Tools / Import / WordPress in your admin (you may be prompted to install the additional plugin during the process). Please follow the official documentation on how to properly configure the plugin.

Excerpt is a short text which can be displayed on post archive pages or in some widgets instead of the full post content. You can add excerpt for standard posts, knowledge base articles and FAQ posts.

If you are using the WordPress block editor (Gutenberg), you can add excerpt in the right panel when editing a post (make sure you are switched to Document tab at the top of the panel). If you are not seeing the Excerpt field, click on “dots” icon in upper right corner to enable the field.

If you are NOT using the block editor (for example when you are using the Classic Editor plugin), then while editing a post, click on Screen Options in upper right corner, check Excerpt and scroll down to see the Excerpt field under the editor.