Using Did's definition that $[a|b]= x:b\times x = a$ and the implied axiom, such an $x$ exist and is in rational number while the rationals are commutative and associative: we have
$[a|b] = x: b\times x = a$ and we have $[c|d] = y: d\times y = c$
It follows that $ac = (b\times x)(c\times y)$. Now $b,c,x,y$ are just rationals and multiplication is commutative.
So $ac = (bd)(xy)$
So $[ac|bd] = z|bd \times z = ac$. And we can see that as $ac = (bd)(xy)$ that $z$ is $xy = [a|b]\times [c|d]$.
So $[ac|bd] = z = xy = [a|b]\times [c|d]$.
However it is a bit of an assumption that for every $a, b: b\ne 0$ that there does exist a rational $x$ so that $a = bx$ and that such a rational is unique. But then, that's usually an axiom.
And it's a fair axiom, I think... maybe I'll add more on that later.
==== okay, more on that later =====
The thing is that we are taught arithmetic in elementary school and if we are taught well, it is consistent and so Did's argument would hold and be valid. But when it comes to learning how to do formally to rigorous proofs we usually toss all the arithmetic out, and start over with abstract Field definitions.
In "arithmetic" we start with counting and the numbers themselves are very concrete concepts as is grouping them which addition and multiplication are defined to describe, as is taking away an splitting things which subtraction and division is meant to define.
But in formal math we just say: "An ordered field is any system that obeys these sets of rules and we have minimal ordered field called The Rationals". The Rationals obey all the rules because we say they do.
Among the rules (listed as I think of them; for a complete list of axioms google "Field Axioms").
--There is a rational called $1$ so for any rational $b$ then $b*1 = 1*b = b$.
--For every rational except $0$, for $b \ne 0$ there exists a rational called $\frac 1b$ so that $b * \frac 1b = \frac 1b * b = 1$
It is NOTATION and notation ONLY that we define $\frac ab$ to be the number $a*\frac 1b$.
--The rationals are commutative and associative.
From this we can prove that $\frac 1b$ is unique to $b$. (Pf: If $b*a = 1$ and $b*c = 1$ then $b*a = b*c$ and $\frac 1b*b*a = \frac 1b*b*c$ so $1*a = a = 1*c = c$. For any $b*a = 1$ then $a$ can only be one possible value.)
And we can prove that $\frac 1{bc} = \frac 1b* \frac 1c$. (Pf: $bc*(\frac 1b \frac 1c) = bc *(\frac 1c\frac 1b)= b(c*\frac 1c)\frac 1b = b*(1)*\frac 1b = b*\frac 1b = 1$. So $\frac 1{bc} = \frac 1b * \frac 1c$.
And then it's just a bit of notation that $\frac ab *\frac c*d = a*\frac 1b*c*\frac*d = a*c*\frac 1b* \frac 1d = (ac)*(\frac 1b* \frac 1d) = ac*\frac 1{bd} = \frac {ac}{bd}$.
It's all axiom and notation. It is true because we say it is true.
So that is a proof by field definitions.
But what about in terms of "arithmetic" and elementary school.
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Well, we take it as a given that if we have a value $m$ and a positive integer $b$ that we can divide $m$ into $b$ equal parts notated as $\frac mb$ and that $\frac mb + ..... + \frac mb = b\times \frac mb = m$.
We can verify so a number must be distinct: If $d < e$ then $d+d+d+.... < e+e+e+...$ so for any positive integer $b$ we know $d*b < e*b$. So if $e \ne d$ it is impossible for $db = eb$. So if $b*\frac mb =m$ then $\frac mb$ is the only number that that is so.
The next question comes down to can we define $\frac mb + \frac nc$ in any meaningful way and can we define $\frac mb\times \frac nc$ in any meaningful way.
More on that later...