Webster's English Dictionary

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loophole

1. loop.hole \'lu:p-.ho-l\ n 1a: a small opening through which small 
   firearms may be discharged  1b: a similar opening to admit light and air or 
   to permit observation  2: a means of escape; esp : an ambiguity or omission 
   in the text th rough which the intent of a statute, contract, or obligation 
   may be evaded
2. loophole vt : to make loopholes in