Transmission problem

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I bought a 1999 Hyundai today.There is 200,000 km on it....I only paid 500$ for this car.The lady that sold it to me told me that when the car hits 100km an hour she will skip.The transmission on the car only skipped one time today.My question is what exactly does transmission skipping mean and does this mean i need a new transmission....other then this the car works excellent..please help me....