* A bit is the smallest unit of information recognized by a computer; it corresponds to a choice between one and zero, the basis for all information storage in binary language computers. Eight bits make up a byte. [1]
* A measurement of data. It is the smallest unit of data. A bit is either the “1” or “0” component of the binary code. A collection of bits is put together to form a byte. [2]
* Single position in base 2 arithmetic (2 n) – either on (1) or off (0). [3]

[1] Legal Electronic Document Institute, Basic Principles of Automated Litigation Support (2005).
[2] Kroll Ontrack, Glossary of Terms, http://www.krollontrack.com/glossaryterms
[3] American Document Management, Glossary of Terms, http://www.amdoc.com/glossary.shtml

Attributions
- EDRM (http://edrm.net)