A homonym is one of two or more words spelled and pronounced alike but different in meaning (as the noun quail and the verb quail). A homophone is one of two or more words pronounced alike but different in meaning or derivation or spelling (as the words to, too, and two). And, incidentally, a homograph is one of two or more words spelled alike but different in meaning or derivation or pronunciation (as the bow of a ship, a bow and arrow). The important distinction, then, is that words like the verb obJECT and the noun OBject are homographs but not homonyms -- because they're not pronounced alike.

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Guide to Grammar and Writing