Lot

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Lot

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.

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.

References in periodicals archive ?
While it is possible that the reference to lots suggested some form of voting, some scripture scholars argue that it referred to the Old Testament practice of casting lots, where stones with names on them were put in a vessel, which was then shaken until one fell out.
The custom of casting lots instead underscored the essential equality of colleagues in a magistracy by placing them on the same footing in any division, no matter what the vote had been to elect them.
The massacre had been plotted by the king's chief minister, Haman, and the date decided by casting lots (purim).
Then they crucified him and divided his garments by casting lots for them to see what each should take.