Jerry Bridges, in writing about the misconceptions that people have about grace, says: "The statement that 'God's approval does not have to be earned but is simply there' is not true. God's approval does have to be earned. But the gospel tells us that His approval was earned for us by Jesus Christ in His sinless life and sin-bearing death. It is true that God's favor does not have to be earned by us. In fact, it cannot be earned by us. But it comes to us without earning because Jesus paid for it in our place as our substitute."
Bridges then provides a very good and succinct definition of grace:
"Grace is God's favor through Christ to people who deserve His disfavor."
Jerry Bridges, Growing Your Faith, 18-19
