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 ?
Last year's winner of the Coventry open art purchase prize, Val also has a beer can seahorse in this year's open exhibition at the Herbert Art Gallery.
For the first time,at the Newport Eisteddfod, theContemporary Art Society for Wales will award a purchase prize to a work displayed at the exhibition.
Pictorial preservation of the local scene was encouraged in 1982 when a purchase prize for Moorpark and Simi Valley subjects was added to annual show awards by the Enterprise, the forerunner of the Simi Valley Star.
The "Portraits" grand prize winner will receive a $5,000 purchase prize, and the Port will put the winning work on permanent display.
Electricity Purchase Prize municipality and its institutions.
The prizes also include the Bryan Robertson Trust Award, worth PS6,000, the Northern Print International and National Glass Centre residency prizes, the Clifford Chance Purchase Prize and the Northern Print Collaborative Prize.
com Degree Show Purchase Prize, and has recently exhibited at Drop the Dumbells, a new gallery and experimental music venue.
PONTYPRIDD University of Glamorgan Art Purchase Prize 2010: Female Wales at Oriel y Bont, Ty Crawshshay, Pontypridd, until November 23.
He managed to recoup only pounds 620 of his purchase prize when third on his Ludlow hurdling debut in January, but showed promise.
Kathryn Lowries won the pounds 1,000 main prize for her picture, Man, while the winner of the Purchase Prize, Lisa Gunn for her photo work Victoria, was chosen by the gallery.
Contract award: fuel purchase prize municipality and its institutions.
The State Museum will select one of the pieces of art for its permanent collection awarding the artist a $2,000 Purchase Prize.