lot n1 : a portion of land
: 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)
: 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
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.