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.