1. A tract of land, esp. one having specific boundaries or being used for a given purpose.
minimum lot. A lot that has the least amount of square footage allowed by a local zoning law. [Cases: Zoning and Planning 63, 254. C.J.S. Zoning and Land Planning §§ 48–49, 116.]
nonconforming lot. A previously lawful lot that now violates a newly adopted or an amended zoning ordinance. [Cases: Zoning and Planning 321. C.J.S. Zoning and Land Planning §§ 154–155, 157–159.]
2. An article that is the subject of a separate sale, lease, or delivery, whether or not it is sufficient to perform the contract. UCC §§ 2-105(5), 2A-103(1)(s).
3. A specified number of shares or a specific quantity of a commodity designated for trading.
odd lot. A number of shares of stock or the value of a bond that is less than a round lot.
round lot. The established unit of trading for stocks and bonds. • A round lot of stock is usu. 100 shares, and a round lot of bonds is usu. $1,000 or $5,000 par value.
— Also termed even lot; board lot.
