> Any well-parenthesized S-expr is a syntactically valid Lisp program
It isn't. It's just a valid S-expr.
For example
((a b c) (d e f)) is not a valid Common Lisp program.
(let foo bar baz) is also not a valid Common Lisp program.
The syntax for LET is:
let ({var | (var [init-form])}*) declaration* form*
SBCL:
; in: LET A
; (LET A
; B
; C)
;
; caught ERROR:
; Malformed LET bindings: A.
;
; compilation unit finished
; caught 1 ERROR condition
LET is a built-in operator. It's not a function and not a macro.