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In sales, a parcel or single article that is the subject matter of a separate sale or delivery, irrespective of whether or not it is adequate to perform the contract. In the Securities and commodities market, a specific number of shares or a particular quantity of a commodity specified for trading. In the law of real estate, one of several parcels into which real property is divided.

A lot is ordinarily one of several contiguous pieces of land of which a block is composed. Real property is commonly described in terms of lot and block numbers on recorded maps and plats.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

LOT. Anything on which depends the accidental determination of a right by which we acquire or lose something; or it is that which fortuitously determines what we are to acquire. When it can be certainly known what are our rights, we ought never to resort to a decision by lot; but when it is impossible to tell what actually belong to us, as if an estate is divided into three parts and one part given to each of three persons, the proper way to ascertain each one's part is to draw lots. Wolff, Dr. &c., de la Nat. Sec. 669.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
"And Jesus said, 'Father, forgive them, for they know not what they do.' And they cast lots to divide his garments." - Luke 23:34
Worshipers bow three times before the image of a deity, place incense sticks before it, cast lots of numbered bamboo sticks, and make donations.
John then quotes from psalm 22.18,"They divided my garments among them, and for my raiment they cast lots." That seamless robe, the garment of healing, now the prize of gaming soldiers (Mark 5.28).
Only after the community prays does the community then cast lots to make its choice.
Every time I see a chasuble being worn I think of Jesus' crucifixion and his coat without seams for which the soldiers cast lots.
In respect of polling divisions entitled to return two or more candidates, and such candidates have obtained an equal number of votes each-and the addition of one or, where relevant, two votes would enable the selection of the candidate to be elected -the Election Commission or the Returning Officer shall cast lots to determine the candidate to whom such vote or votes should be added.