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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

prize

property lawfully appropriated in war.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
(TOP) Performance category grand prize winner Mix'in with KCC Director Lee Jincheol (left) and Happee Sy-Go.
The winning number for the NT$10 million Special Prize for the March-April issue is 03802602, and the winning number for the NT$2 million Grand Prize is 00708299.
This year's Grand Prize Giveaway was sponsored by Management & Training Corporation and TYRO Support Services.
"We look forward to announcing the winner of the last luxury apartment grand prize at Marassi Al Bahrain in the coming month.
25-27), UPSA took the grand prize and four first prizes.
AFP president and CEO Jim Kaitz, said, 'AFP is proud to honour Uber Technologies with the 2018 Pinnacle Award Grand Prize. Uber's initiative is the kind of smart, innovative solution that exemplifies what the Pinnacle Award is all about.'
To claim instant prizes, customers need to dial *456# after recharging RO3 and above, and they will be eligible for the monthly draw for the grand prize. All new Hayyak customers will also get ten chances to win the grand prize.
'I am shocked that I won the grand prize! I didn't sleep well for days Even now, I can still feel my heart pounding fast.
A 32-year-old single mom who wowed the judges and audiences with her graceful spiral pole-dancing exhibition, bagged the P2M grand prize in the sixth season of Pilipinas Got Talent (PGT).
Hyundai, through its dealership Ghabbour Auto (GB Auto), has launched a special opportunity for anyone wanting to test drive a Hyundai sedan to enter a big draw to win the grand prize: a trip to Russia to watch a World Cup match and visit Moscow and enjoy its most famous tourist attractions, such as the Red Square and the Kremlin.
The horse "Fawzi," ridden by jockey Rivolte and owned by Ahmed Said's stable, won the Grand Prize of the President of the Republic, (worth 150,000 dinars), Sunday at the Ksar Said horsetrack.
Abu Dhabi Commercial Bank - Islamic Banking Division (ADCB-IBD) announces the winners of the grand prize and monthly prizes through its Emirati Millionaire Savings Account (EMSA) a saving account exclusively for UAE nationals.

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