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A Lord (Laird in some Scottish contexts) is a person who has power and authority. Women will usually (but not universally) take the title 'Lady' instead of Laird or Lord, but there is an example of a female Lord: Lord of Mann, the ruler of the Isle of Man. The territory belonging to a lord is often called a lordship.
The word actually comes from the Old English forms for "loaf" (bread) and "ward" (used to mean "protector", although today it means "one who is protected"). So a lord or "loaf ward" was originally "the one who protected the loaf".