You are right. I am a sailor. Sailing close-hauled is sailing as close to the wind as the boat can without the sail "luffing" or having wind on the "wrong side" of the sail (for you landlubbers! ) A boat sailing close-hauled usually has right of way over one further off the wind on the same point of sail. However, there are always situations where this is not the case!More definitions (in English) for full and by.
Close-hauled = ceñida [Source]
¿Qué es una ceñida? [Yahoo! Answers]
From Wordwizard.com, a discussion of these terms: "...it was said to be full and by (sailing by the wind with her sails full of wind), or 'close-hauled', because the lower corners of the main sails were all drawn as close as possible down to her side to windward. [...]
"According to the dictionary section in Dixon Kemp's Manual of Yacht and Boat Sailing and Architecture (11th and final edition, 1913, edited by Heckstall-Smith and Hope), 'Full and Bye' means 'Sailing by the wind or close hauled, yet at the same time keeping all the sails full so that they do not shake through being too close to wind. Generally a vessel does better to windward when kept a 'good full and bye' than when nipped or starved of wind.' According to this definition, 'full and by' means close-hauled but with certain restrictions."
full and by = close-hauled but with all the sails full = navegar de ceñida con las velas infladas
close and by = close-hauled = sailing close to the wind = navegar de ceñida/navegar con el menor ángulo posible entre la quilla y el viento [Source]
I could be wrong (especially since I've never been on a boat in my life!), but according to what I've read today, those are the definitions. I hope this helps.