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 ?
But she must have a prize herself, you know,' said the Mouse.
Some one had said there were to be cloaks and other nice clothes for prizes, and she approached the marquee, fanning herself with her handkerchief, but with exultation sparkling in her round eyes.
Still I will give her up if I must, for I would have the people live, not die; but you must find me a prize instead, or I alone among the Argives shall be without one.
Every instant she expected to see the impending spear of Leather-Stocking darting into the thronging hosts that were rushing beneath her, where it would seem that a blow could not go amiss; and where, as her father had already said, the prize that would be obtained was worthy any epicure.
The stakes were high and the risk was great; the prize therefore must have been commensurate.
Peter Hovenden shook his head, with the mixture of contempt and indignation which mankind, of whom he was partly a representative, deem themselves entitled to feel towards all simpletons who seek other prizes than the dusty one along the highway.
An important addition has been made during the last week to the list of the prizes which have been borne away by these charming invaders.
He is now in his fifth year, and has brought in turn each of the prizes of the turf to Colonel Ross, his fortunate owner.
He got the prizes and the scholarships that I went in for.
He had already quite a collection of prizes, worthless books on bad paper, but in gorgeous bindings decorated with the arms of the school: his position had freed him from bullying, and he was not unhappy.
My sons," said Apollo, "I will part the prizes between you.
And yet no mention has been made of the greatest prizes and rewards which await virtue.