Abstract: A lace is provided for lacing various objects such as footwear, clothing, bags, etc. The lace comprises an elastic cord having end segments for tying a knot and a stabilizing member on one of the end segments. The stabilizing member is different from the bits of the lace adjacent thereto in the shape and/or material thereof and arranged so that it appears held in place in the knot when the knot is finished. Also provided is a method of forming a knot out of the lace. The method comprises forming a desired knot until the knot is ready to be firmly tied and then pulling the end segments of the elastic cord until the stabilizing members appear held in place in the knot, which is thus finished.