Etymology
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limit (n.)

c. 1400, "boundary, frontier," from Old French limite "a boundary," from Latin limitem (nominative limes) "a boundary, limit, border, embankment between fields," which is probably related to limen "threshold," and possibly from the base of limus "transverse, oblique," which is of uncertain origin. Originally of territory; general sense from early 15c. Colloquial sense of "the very extreme, the greatest degree imaginable" is from 1904.

limit (v.)

late 14c., "set limits to, restrict within limits" (also "prescribe, fix, assign"), from Old French limiter "mark (a boundary), restrict; specify" (14c.), from Latin limitare "to bound, limit, fix," from limes "boundary, limit" (see limit (n.)). From early 15c. as "delimit, appoint or specify a limit." Related: limited; limiting; limitable.

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Definitions of limit
1
limit (n.)
the greatest possible degree of something;
to the limit of his ability
Synonyms: bound / boundary
limit (n.)
final or latest limiting point;
Synonyms: terminus ad quem / terminal point
limit (n.)
as far as something can go;
limit (n.)
the boundary of a specific area;
Synonyms: demarcation / demarcation line
limit (n.)
the mathematical value toward which a function goes as the independent variable approaches infinity;
Synonyms: limit point / point of accumulation
limit (n.)
the greatest amount of something that is possible or allowed;
there are limits on the amount you can bet
Synonyms: limitation
2
limit (v.)
place limits on (extent or amount or access);
limit the time you can spend with your friends
limit (v.)
restrict or confine within limits;
I limit you to two visits to the pub a day
Synonyms: circumscribe / confine to
limit (v.)
decide upon or fix definitely;
Synonyms: specify / set / determine / define / fix
From wordnet.princeton.edu