Color error has been corrected since the first doublet lenses of the 1700s, but at high powers most modern refractors show color fringes on the planets. Binoculars use very short focus lenses that are prone to color error, and the 15x and 20x models all show color to varying degrees. 6x to 10x models are usually free of color. A related issue is the color rendition of the binocular, which is the accuracy with which the object's colors appear in the image. Most optical systems will have some effect on color balance, perhaps filtering some of the red, or giving the greens a bluish tint.
Resolution is the overall sharpness, usually measured at the center of the field.
It can be seen by placing an auxiliary scope behind the ocular, and viewing a magnified image of the binocular field. A binocular with superior resolution may not give you a noticeably sharper image than a typical quality glass, but there will be subtle effects on the image, giving higher contrast and seeming to snap into focus. Collimation is the alignment of the images from the two objective lenses. New, inexpensive, binoculars can arrive out of collimation, and all cheap models are easily misaligned if they suffer an impact. To test for this, focus on a distant, very small object.