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

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 ?
This year's other Grand Jury Prize winners include Nanfu Wang's 'One Child Nation' (U.S.
Among the Festival award winners, the US Grand Jury Prize Dramatic went to The Miseducation of Cameron Post, a story about the misguided efforts of Christian fundamentalists to "convert" gay teens to heterosexuality.
The film previously took the Grand Jury Prize at DOC NYC, one of the world's top documentary film festivals.
Bening and eight other international celebrity jurors will hand out the awards at the festival, including the Golden Lion for best film and Silver Lion for best director and the grand jury prize.
The Grand Jury prize in the Works in Progress category went to Babylon Berlin (produced by X Filme Creative Pool, ARD Degeto, Sky and Beta Film, distributed by Beta Film and broadcast by Sky Germany and ARD -- Germany).
Nocturnal Animals has won the prestigious Grand Jury Prize at the Venice Film Festival.
The internationally renowned filmmaker won a collection of awards, including Grand Jury Prize of the Venice Film Festival, Leopard of Honour, a life's work achievement award at the Locarno International Film Festival, and many more during his over 40-year-long career.
Last year DMC Film won the Grand Jury Prize at the Sundance Film Festival for Western Slow West.
"Sonita," a joint production of Iran, Germany and Switzerland, by director Rokhsareh Qaem-Maqami, won the Grand Jury Prize and the Audience Award in the documentary category.
Joshua Oppenheimer's chilling follow-up to his Oscar-nominated "The Act of Killing" --another bleak look at one of the darkest chapters in Indonesian history, this time from the perspective of a victim's grown brother --won a grand jury prize at the 2014 Venice film festival and recently picked up both a Gotham award and IDA nom for best doc.
Olivia Cooke (above) plays a teenage girl battling with cancer in Me And Earl And The Dying Girl, which won the Grand Jury Prize and the Audience Award at the Utah festival in January.
His venture began in 1993 when he wrote a screenplay after college and made The Brothers McMullen in twelve days-a production which wound up winning the Grand Jury Prize at Sundance and led to his film fame and career.