1.) A pact with Satan in which the initiators soul is exchanged for some worldly desire.

2.) The willingness to sacrifice anything in order to quench a limitless desire for knowledge or power.
For both 1 & 2: John McCain has undermined his past values and reputation as a conscientious independent voice by making a faustian bargain in order to secure the Republican nomination for the 2008 presidential election.
by Alexander Vasarab May 13, 2006

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