prize

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Prize

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.

prize

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

prize

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.

References in periodicals archive ?
The suit claims infringements of Grand Prize Network's trademarks and copyrights, and accuses Iddiction of unfair competition under both state and federal law.
FOR THE GRAND PRIZE DRAWING BECAUSE YOU MUST BE PRESENT TO WIN
Grand prize winner Sara Salahor from Van Nuys High penned a play, ``The First Date,'' in which two young people discuss the most nightmarish dates they have experienced.
The Grand Prize winner was awarded a Nikon N60 camera with a 28-80mm lens; 1st place winners received an Olympus Epic Zoom 80 camera; the Kids Only winner, a Canon Sure Shot WP-1.
If all five million Raffle numbers are sold the odds of a winning a $1 million Grand Prize are 1 in 500,000.
GRAND PRIZE MARKETING created a new item to be used at auctions called "PRIZE PACKS.
The scarecrow contest, with 49 entries this year, has three categories: 10 and under; 11-17; 18 and older; and the grand prize.
Remy, a Lhasa apso owned by Joyce Hoebel of Santa Monica, who was named grand prize winner and the calendar's cover dog.
Transitive has progressed to the final shortlist of 20 companies competing for the European ICT Grand Prize, the most distinguished award for innovative products and services that represent the best of European innovation in ICT.
cooking hobbyist and first-time recipe contest entrant, has taken the top $3,000 grand prize in the Pace Picante Sauce Pick Up the Pace recipe contest with her San Antonio Sweet and Sour Chicken.

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