Chance to hit is a randomization mechanic which allows
a range of damage in battle by introducing random misses.
Minimum chance: a value some games add to final chance if its lower than e.g. 5percent to match at least 5% chance
Chance cap: a cap of max 90 to 99 percent to allow a chance of not being hit.
Level multiplier: A level difference between entities adds chance to higher level entity and lowers the chance for lower levels.
Bonus chance to hit: an item/skill modifier that adds or multiplies the base chance from stats.
Base chance: usually based on character stat or level.

Games which don't emphasize chance to hit mechanic often use projectiles which don't track target, allowing moving targets to escape projectile damage(projectile speed becoming critical in that case).