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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 as she browsed in trendy boutique Joseph in London's Brompton Road, dressed in a flimsy silver slip dress, fur- trimmed suede coat and strappy stilettos, the leggy model mother-of-two certainly drew lots of admiring glances.
The Corsair, a bent wing fighter, drew lots of attention, as did a Russian Yak 11 and the B-17 Memphis Belle that was used in the movie of the same name.
They then built houses and drew lots to see who would live in the first house that was built.
IN NUNEATON, Lisa Summers drew lots of stares and horn-tooting from motorists when she walked to work dressed as a clown.