LOT

LOT

lot.

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 ¡ì¡ì 48¨C49, 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 ¡ì¡ì 154¨C155, 157¨C159.]

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 ¡ì¡ì 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.

¡ª Also termed even lot; board lot.


How do Chinese legal professionals usually express the term LOT?
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