A semi-formal dance for which girls get far too dressed up (gowns and fancy jewelry, etc.) and for which many guys come severely under-dressed. Humiliating, yes. Enjoyable, perhaps if you come drunk.
"Dude, did you see that girl's dress at cotillion? she swears she's at a prom?"
"Yeah man, all I wore was some khaki's and my dad's dress shirt."
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