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Grace

By Mary Fairchild, About.com

Definition: Grace is God's unmerited favor. It is kindness from God we don't deserve. There is nothing we have done, nor we can ever do to earn this favor. It is a gift from God. Grace is divine assistance given to humans for their regeneration (rebirth) or sanctification; a virtue coming from God; a state of sanctification enjoyed through divine favor.

A preacher once explained grace to me with this acronym:
God's
Riches
At
Christ's
Expense

Examples:
It is by grace you were saved through faith, and not of yourself.
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