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What is a lame duck?

What is a lame duck? Here are some definitions.

Noun
  1. (colloquial) A person or thing that is helpless, inefficient or disabled.
  2. (politics) An elected official who has lost the recent election or is not eligible for reelection and is marking time until leaving office.
  3. (finance, slang, dated) A person who cannot fulfill their contracts.
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Examples
Up to now, the biotechnology sector has been the lame duck as regards legislation facilitating economic support.
With members of Congress itching to gavel their lame duck session to a close, the biggest hurdle remains a catch-all spending bill that's now weeks overdue.
But with this pope still up and about, and a lame duck at that, the old sense of decorum may not apply.
Yet, without strong and committed patrons, there is a real danger that he could become an ineffectual lame duck quite soon.
Once known as the Bulldozer, he increasingly looks like a lame duck instead.
No, I think the analysis of this is kind of a little bit of a payback for the exaggerated notion of a lame duck.

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