Pip (or points) is a term used in forex market to indicate the smallest incremental move an exchange rate can make. Depending on context, this is normally one basis point 0.0001 in the case of EUR/USD, GBD/USD, USD/CHF and .01 in the case of USD/JPY.
Lot or Contract is the standard unit of trading on certain exchanges.
Forex Contract Size
Standard Lot = $100,000 Mini lot = $10,000 Micro lot = $1,000