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 classic literature ?
Only the older pupils managed to keep their tickets and stick to their tedious work long enough to get a Bible, and so the delivery of one of these prizes was a rare and noteworthy circumstance; the successful pupil was so great and conspicuous for that day that on the spot every scholar's heart was fired with a fresh ambition that often lasted a couple of weeks.
I'll laugh at you heartily when to-morrow is past; till then I dare not: my prize is not certain.
I admitted you to my frankest and fullest confidence, sir -- and, highly as I prize the advantages of your society, I can't consent to cultivate your friendship on any other than equal terms.
Hence Monseigneur had taken his sister from a convent, while there was yet time to ward off the impending veil, the cheapest garment she could wear, and had bestowed her as a prize upon a very rich Farmer-General, poor in family.
It will add another grace to his triumph, and teach fair ladies to prize the love of valiant knights, who can exalt them to such distinction.
But she must have a prize herself, you know,' said the Mouse.
When the cloth had been removed, grace said and their hands washed, Don Quixote earnestly pressed Don Lorenzo to repeat to him his verses for the poetical tournament, to which he replied, "Not to be like those poets who, when they are asked to recite their verses, refuse, and when they are not asked for them vomit them up, I will repeat my gloss, for which I do not expect any prize, having composed it merely as an exercise of ingenuity.
The best fellows are to have places with the King's Foresters, and the one who shoots straightest of all will win for prize a olden arrow--a useless bauble enough, but just the thing for your lady love, eh, Rob my boy?
The detective was evidently inspired by the hope of obtaining the splendid reward which would be the prize of success, and awaited with a feverish impatience, easy to understand, the arrival of the steamer Mongolia.
Listen to me you suitors, who persist in abusing the hospitality of this house because its owner has been long absent, and without other pretext than that you want to marry me; this, then, being the prize that you are contending for, I will bring out the mighty bow of Ulysses, and whomsoever of you shall string it most easily and send his arrow through each one of twelve axes, him will I follow and quit this house of my lawful husband, so goodly, and so abounding in wealth.
How mean you, good sir, to enjoy the prize which you have been seeking, the Lord knows how long, among the Crystal Hills?
Immediately on obtaining it -- for I have a presentiment, good people, that the prize is reserved to crown my scientific reputation -- I shall return to Europe, and employ my remaining years in reducing it to its first elements.