What is "raceabout"

Raceabout \Race"a*bout`\ (r[=a]s"[.a]*bout`), n. (Naut.) A small sloop-rigged racing yacht carrying about six hundred square feet of sail, distinguished from a knockabout by having a short bowsprit.

n. a small sloop having the keep of a knockabout but with finer lines and carrying more sail