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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 ?
Hills, who go just 11-4 for Capello to announce his resignation before midnight tonight, offer 150-1 for the group to be decided by drawing lots.
Coin tossing is only one form of "drawing lots," which is allowed by the law.
We wish to make clear that election law requires the Council to choose names randomly by drawing lots and no other method can be used.
The Central Election Commission determined the order of appearance of 23 registered candidates through drawing lots and approved the wording and form of the ballot on October 10.
EGYPT face the nightmare of drawing lots if they fail to beat bitter rivals Algeria convincingly next month.
Four Slaithwaite councillors are pictured (left) drawing lots to see how long they will serve on Colne Valley Council.
A bright rainbow seat of hope is drawing lots of attention at a previously troubled East Cleveland village.
Games are selected by drawing lots from a list of matches, with a maximum of two players from each club being chosen.
"There was no objection to the toss up of a coin as a way of drawing lots, so we proceeded."