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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 ?
Let's say, for example, the compounding line is shut down on Friday night after producing Lot No.
An extruder screw cannot wear out from one lot to the next when they are produced continuously, but it can wear out between production campaigns that are weeks or months apart.
The available lots are nestled about 12 kilometres north of the city on two lakes, Dunlop and Quirk Lake.
"The public will be invited to put in a bid for the lots they like," says Neufeld.
There's nothing you can do with that lot. It's a CFD!"
The developer of the apartment building took the position that once the zoning lot declaration was filed, the issuance of the building permit was as-of-right, and required no discretionary approvals.
So, man, I guess overall I'd say this particular parking lot is about a six or a seven.