9:17
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
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LSDefine
Simple English definitions for legal terms
lot
Read a random definition: extra quattuor maria
A quick definition of lot:
A lot is a piece of land that has specific boundaries and is used for a particular purpose. There are different types of lots, such as a minimum lot, which is the smallest size allowed by local laws, and a nonconforming lot, which used to be legal but now violates zoning rules. A lot can also refer to an item that is sold or traded, such as a certain number of shares of stock or a specific amount of a commodity. When trading stocks or bonds, a round lot is the standard unit of trading, usually consisting of 100 shares of stock or $1,000 or $5,000 worth of bonds.
A more thorough explanation:
A lot is a piece of land that has specific boundaries or is used for a particular purpose. For example, a minimum lot is the smallest piece of land allowed by local zoning laws. A nonconforming lot is a piece of land that was previously lawful but now violates a newly adopted or amended zoning ordinance.
Lot can also refer to an article that is the subject of a separate sale, lease, or delivery, even if it is not enough to fulfill the contract. For instance, in trading, a lot is a specific number of shares or a particular quantity of a commodity designated for trading. An odd lot is a number of shares or bond value that is less than a round lot. A round lot is the established unit of trading for stocks and bonds, usually 100 shares or $1,000 or $5,000 par value for bonds.
Examples:
- A developer bought a lot to build a new housing development.
- The city's zoning laws require a minimum lot size of 5,000 square feet.
- John inherited a nonconforming lot from his grandfather, which he cannot develop due to new zoning regulations.
- The company purchased a lot of 1,000 units of a particular commodity for trading.
- Emily bought an odd lot of 75 shares of a company's stock.
- The stock exchange requires a round lot of 100 shares for trading.
These examples illustrate how the term "lot" can refer to a piece of land, a specific quantity of a commodity, or a unit of trading for stocks and bonds.