The term "grace" occurs about 155 times in the New Testament. The word relates to the Greek term chairo, meaning "to rejoice," and grace itself comes to mean favor, gratification, or gratitude -- depending on the context.
The New Testament emphasizes that salvation is the result of God's grace (Eph. 2:8-9), but there are several important aspects to this matter.
Heaven's grace is made available to "all men" (Tit. 2:11), contrary to the claims of Calvinism, which alleges that it is bestowed only upon certain "elect" ones.
Divine grace is accessed by means of a system of intellectual instruction (Tit. 2:12; cf. Jn. 6:45). It is not arbitrarily bestowed.
Grace is not extended unconditionally (cf. Gen. 6:8; Heb. 11:7). This again is contra Calvinism. The Ephesian Christians had been saved "by grace" (Eph. 2:8), but the salvation occurred at that point in time when they were "cleansed by the washing of water" (Eph. 5:26).
Grace excludes merit. Salvation can never be earned (Rom. 6:23; cf. Mt. 18:24-27), but grace must be accessed (Rom. 5:2).
By grace we can be at peace with God (Rom. 5:1-2), and by achieving that, we become heirs of "the grace of life" (1 Pet. 3:7).
But it is imperative that the child of God "continue in the grace" he has received (Acts 13:43), and "grow" therein (2 Pet. 3:18). If we do not, we will "fall away" from divine grace (Gal. 5:4; cf. Heb. 12:5), and the grace previously received will have been "in vain" (2 Cor. 6:1 cf. 1 Cor. 15:10).