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: Expression of disappointment, similar to 'bummer', though more forceful. 'Bummer' tends to be used when something unforeseen and unfortunate occurs. 'Rats', on the other hand tends to be used when you have been making a concerted effort to do something and it suddenly fails. You only use 'rats' about your own misfortune. You can use 'bummer' sympathetically also about someone else's misfortune.