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 ?
In addition to the purchase prize awarded to the winners, all finalists receive invaluable exposure to and insight from jurors, mentors and industry insiders.
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 notice: Fuel 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.
PONTYPRIDD University of Glamorgan Art Purchase Prize 2010: Female Wales at Oriel y Bont, Ty Crawshay, University of Glamorgan, Pontypridd until November 23.
Lisa was winner of the Purchase Prize which means the art gallery will buy Lisa's "Victoria" - a photo work showing a corseted woman in a wheelchair - and put it on display.
The winner receives a purchase prize of $25,000 and the two honourable mentions each receive $15,000.
In 2008 Ms Tuckwell was the winner of the University of Glamorgan Art Purchase Prize and was awarded the prize for Wales in the 2009 ING Discerning Eye Exhibition.
Lech, who runs a print studio in Poland, also won the Clifford Chance Purchase Prize, meaning the London-based law firm, which has a notable collection of prints, will buy her work.
The winner of the main pounds 1,000 prize is Kathryn Lowries and winner of the Purchase Prize is Lisa Gunn.
Contract notice: Electricity purchase prize municipality and its institutions.