a jacket that people wear to fraternities or other large party scenes. Usually ugly, cheap, and not very warm. Worn to replace nicer, quality outerwear so that those items of value do not get stolen, lost, or damaged. From "frat" + "jacket".
Sorority Girl 1: "Ugh! This fracket doesn't go with my outfit!
Sorority Girl 2: It's better than having your North Face stolen. Anyways, no one will see it cause you're gonna throw it in a random room as soon as we get to the frat.
Definitions include: from Wikipedia: "the idea that Steve Jobs is able to convince himself and others to believe almost anything with a mix of charm, charisma, bluster, exaggeration, marketing and persistence."