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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 ?
In a press release, the NEC has settled on May 29 to draw lots to determine the order of political parties on the ballot.
The barangay and Sangguniang Kabataan elections became more exciting here when two candidates for barangay captain in Cabawan in this town had to draw lots after they garnered the same number of votes.
It was decided to draw lots at a CEC meeting on March 19.
The culture ministry had to draw lots for both Gangneung and Seoul performances due to security reasons and limited availability of seats.
Now everything is about money and replacing people with machines and robots, To get the right operator online to assist nowadays, we might as well draw lots, The sooner we get back to using human beings again, the better it will be for us all, So start using small shops and market stalls again, and show big business the door.
With the scores in the runoff tied again by abstention, Paris won when the Estonian minister chairing the meeting again had to draw lots.
Doncaster racing manager Stephen Gray spoke to the connections of the other five greyhounds and it was agreed to draw lots to decide which three qualified with the fortunate trio being Coolavanny Smash, Cuba Libre and Keplar Nine.
The Comelec held the draw lots in Intramuros with the representatives of different media outfits to know which coalition will host the presidential debate in Luzon, Visayas and Mindanao.
Official guidelines signed off on last year state that in such a situation it will be necessary to draw lots to see who progresses to the All-Ireland quarter-finals to play Wexford.