The reason for thus singling out but one of the grandsons of Terah appears in the next verse, where we are told that "Haran died before his father Terah in the land of his nativity, in Ur of the Chaldees." For that period in the life of this family, therefore, which begins with the migration from Ur, Lot represents his father's branch of the family (). It is hardly probable that the relation between Abraham and Lot would have been what it was, had not Haran died; but be this as it may, we read this introduction of Lot into the genealogy of Terah as an anticipation of the story to which it furnishes an introduction, and in which Lot is destined to play an important part.
The concept of lots allows the to standardize price quotes. For example, options are priced such that each contract (or lot) represents exercise rights for 100 underlying shares of . With such , investors always know exactly how many units they are buying with each contract and can easily assess what price per unit they are paying. Without such standardization, valuing and trading options would be needlessly cumbersome and time consuming.
In terms of stocks, the lot is the number of shares you purchase in one transaction. In terms of options, a lot represents the number of contracts contained in one security.