fol·ly -- spelled[fol-ee], noun. 1. the state or quality of being foolish; lack of understanding or sense. 2. a foolish action, practice, idea, etc.; absurdity: the folly of performing without a rehearsal. 3. a costly and foolish undertaking; unwise investment or expenditure. 4. Architecture - a whimsical or extravagant structure built to serve as a conversation piece, lend interest to a view, commemorate a person or event, etc.: found especially in England in the 18th century.
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