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Anything offered as a reward for a contest. It is distinguished from a bet or wager in that it is known before the event who is to give either the premium or the prize, and there is but one operation until the accomplishment of the act, thing, or purpose for which it is offered. In time of war, an enemy vessel or a ship captured at sea by a belligerent power.

The fair market value of a prize or award is generally includible in gross income. Certain exceptions are provided where the prize or award is made in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievement providing certain other requirements are met.


noun accolade, advantage, award, blue ribbon, bonus, booty, bounty, capture, catch, cordon, cup, distinction, find, first place, gain, guerdon, honor, jackpot, loot, medal, meed, payment, pillage, plum, plunder, praemium, premium, prey, privilege, reward, spoil, title, token, trophy, winning
See also: advance, award, bounty, consideration, honor, hush money, paragon, prefer, preferential, premium, prime, profit, raise, recognition, recommend, recompense, regard, reward, select, spoils, stake


property lawfully appropriated in war.

COURT, PRIZE. One of the branches of the English admiralty, is called a prize court. Vide Prize Court.

PRIZE, mar. law, war. The apprehension and detention at sea, of a ship or other vessel, by authority of a belligerent power, either with the design of appropriating it, with the goods and effects it contains, or with that of becoming master of the whole or a part of its cargo. 1 Rob. Adm. R. 228. The vessel or goods thus taken are also called a prize. Goods taken on land from a public enemy, are called booty, (q.v.) and the distinction between a prize and booty consists in this, that the former is taken at sea and the latter on laud.
     2. In order to vest the title of the prize in the captors, it must be brought with due care into some convenient port for adjudication by a competent court. The condemnation must be pronounced by a prize court of the government of the captor sitting in the country of the captor, or his ally; the prize court of an ally cannot condemn. Strictly speaking, as between the belligerent parties the title passes, and is vested when the capture is complete; and that was formerly held to be complete and perfect when the battle was over, and the spes recuperandi was gone. 1 Kent, Com. 100; Abbott on Ship. Index, h.t.; 13 Vin. Ab. 51; 8 Com. Dig. 885; 2 Bro. Civ. Law, 444; Harr. Dig. Ship. and Shipping, X; Merl. Repert. h.t.; Bouv. Inst. Index. h.t. Vide Infra praesidia.

PRIZE, contracts. A reward which is offered to one of several persons who shall accomplish a certain condition; as, if an editor should offer a silver cup to the individual who shall write the best essay in favor of peace.
     2. In this case there is a contract subsisting between the editor and each person who may write such essay that he will pay the prize to the writer of the best essay. Wolff, Dr. de la Nat. Sec. 675.
     3. By prize is also meant a thing which is won by putting into a lottery.

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John Lechman and Jerry Doll, Nova Solutions, Computer Solutions Grand Prize.
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While the grand prize winner thinks about that, the girls of Troop 552 have come up with some alternatives to spending their winnings:
If you've already got your Raffle numbers, hold onto them because you're still eligible to win any of the next two draws, including the Grand Prize drawing for up to ten $1 million winners.
Grand prize winner Remy, a Lhasa apso owned by Joyce Hoebel of Santa Monica, is the calendar's cover dog.
SAN ANTONIO SWEET AND SOUR CHICKEN ($3,000 grand prize winner)
To enter the grand prize drawing, consumers can fill out the entry form in their specially marked Valpak envelopes, call 1-888-721-3221 or enter online by visiting Valpak.
The grand prize was raised from $50,000, and more emphasis was put on quick recipes for today's busy people.
For more information about the Fylmz Festival's 2007 Grand Prize Winner, The Standard, visit www.
At the end of the competition, the grand prize winner with the best overall time was Aaron Southern, 26, from Calera, Alabama who completed all four levels in just 13:07 seconds - 94 seconds faster than the runner up

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