Choice, chosen way of life or faith, sect, school, party. The Greek word properly designates any sect or party, without implying praise or censure. So in Acts 5:17 15:5 26:4,5 . In the epistles it denotes a sect or party in a bad sense, implying a refractory spirit, as well as error in faith and practice, 1 Corinthians 11:19 Galatians 5:20 2 Peter 2:1 . After the primitive age, the word came to signify simply error in doctrine.
Although written in 1859 by William Rand, this dictionary of the Bible from the American Tract Society is still relevant today.Wikipedia
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