Transfer of learning refers to applying knowledge learned in one context to new contexts. There are two types of transfer - positive transfer occurs when learning improves performance in another context, while negative transfer occurs when prior learning hinders new learning. Transfer can be near, between similar contexts, or far, between more remote contexts. Factors like similarity between contexts, meaningfulness, length of instruction, variety of experiences, context of experiences, focus on principles over tasks, and metacognition influence how effectively knowledge transfers.