Definitions of limit:

• noun:   the greatest possible degree of something

  Example: "To the limit of his ability"

• noun:   the boundary of a specific area
• noun:   as far as something can go
• noun:   the greatest amount of something that is possible or allowed

  Example: "There are limits on the amount you can bet"

• noun:   the mathematical value toward which a function goes as the independent variable approaches infinity
• noun:   final or latest limiting point
• verb:   restrict or confine, "I limit you to two visits to the pub a day"
• verb:   place limits on (extent or access)

  Example: "Limit the time you can spend with your friends"

• verb:   decide upon or fix definitely