a: unmerited divine assistance given to humans for their regeneration or sanctification
b: a virtue coming from God
c: a state of sanctification enjoyed through divine assistance
Indeed these are all true. Grace is a noun, and it is unmerited divine assistance given to us by God. Unmerited in that we are all sinners and have fallen short of the Glory of God "for all have sinned and fall short of the glory of God" -- Romans 3:23 however, due to the blood shed on the Cross, we have been redeemed and are presented Holy and Sanctified and Blameless in front of God our Father. "he has now reconciled in his body of flesh by his death, in order to present you holy and blameless and above reproach before Him," Colossians 1:22
Therefore, the gift of Grace given to us is indeed unmerited...we do not deserve it, yet it is given to us, freely, unconditionally and in abundance so that we might do God's will on Earth and Glorify His son Jesus Christ who died on the Cross for our sins. Those who are "In Christ" and "In Grace" are called to treat each other with love and kindness just as Christ loved us. We are called to turn the other cheek and forgive each other. We are called to unity through the partaking of the Body and Blood in communion. We are the Body of Christ Jesus who is alive today as surely as He was alive 2000 years ago.