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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.


noun parcel, part, piece, piece of ground, plot, portion, small parcel of land, subdivision, tract
Associated concepts: adjacent lots, block, building lot, conniguous lots, partition of lots, vacant lot
See also: assemblage, bulk, conglomeration, entirety, land, lottery, parcel, plight, plot, posture, predetermination, property, quantity, real estate, situation

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 ?
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.
The duration of the mandates of the twenty new Judges was determined on April 22 by drawing lots.
He wrested Leamington Clarendon ward from the sitting Tory by drawing lots after voting ended in a dead heat.
If they have not met since 1970, the venue is decided by drawing lots.
Tia, who picked her stocks by drawing lots, was the only one whose portfolio grew over the year.
It could come down to drawing lots as only one point separates the three sides.
Scotland could find themselves drawing lots for the runners-up spot if they draw 1-1 with Morocco and Norway lose 1-0 to Brazil.
In attempting to unlock the secrets of the new polynomial invariants, mathematicians experiment by drawing lots of pictures and using hours and hours of computer time.
The allocation of the different lots of the selected bidder is made by drawing lots.