This paper proposes a new law of corresponding states which provides us with a thermodynamically consistent and accurate correlation of the properties B, μ, k, b, D, μ 12, k 12, D 12, B 12 for the monatomic gases and their binary mixtures. The law of corresponding states, based on the hypothesis that all monatomic gases obey the same two-parameter pair potential, leads to the empirical determination of a number of universal functionals which replace the corresponding integrals of the Chapman-Enskog theory. The use of these functionals together with a list of empirically determined scaling factors for pure gases and binary mixtures allows us to compute the above quantities over an unusually large range of temperatures and a modest range of pressures, thus making it possible to employ measurements of a limited class of properties in a limited range of states to compute all others over wider ranges of states, as well as utilizing data on one gas, to generate them for another. Judged from the practical point of view of a user, the correlation is accurate and complete as far as monatomic gases and their binary mixtures are concerned, except for the evaluation of the pressure effect on the transport properties of mixtures. Taking into account the fact that the specific heat, c v , (or, equivalently, c v ) is a constant, and that it together with the equation Pv = RT + BP [or, equivalently, Pv = RT (1 + B/v)] fully determines all equilibrium properties of a monatomic gas in a reasonable range of pressures and a wide range of temperatures, the paper provides the basis for a thermodynamically consistent formulation of equilibrium as well as transport properties of the monatomic gases and their binary mixtures. The law of corresponding states provides us also with a sharp criterion which permits us to disqualify guessed analytic forms of the pair potential. It turns out that no member of the ( n-6) family of potentials is adequate, but that the (11-6-8) potential proposed by Klein and Hanley is acceptable as a correlator of data (for 1 ≤ T ∗ ≤ 20), even though it leads to considerably more complex numerical calculations. Even this potential fails for helium at high reduced temperatures.