Lot - Definition - Law Dictionary Home Dictionary Definition lot

lot

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1 : a portion of land
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: a measured parcel of contiguous land having fixed boundaries and recorded (as on a plat) with the appropriate authority or office (as a registry of deeds)
2 : a single article, a number of units of an article, or a parcel of articles offered as one item (as in an auction sale)
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: a parcel or single article under the Uniform Commercial Code which is the subject matter of a separate sale, lease, or delivery whether or not it is sufficient to perform the contract see also odd lot, round lot