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 ?
The winnings of the consolation prize winners will be subjected to 20 percent tax in accordance with the TRAIN Law.
In Cooking competition 1st, 2nd and 3rd positions were bagged by Marium Shahid (IMCG F-10/2), Sidra Haroon (Post Graduate College Kashmir Road Rawalpindi) Afshan Afridi (ICG F-6/2 ) respectively and the consolation prize was awarded to Bushra Banaras (IMCG PG F-7/4).
Benjo Fajota picked out three winners: a grand prize winner and two consolation prizes from each category.
"The public was asking for it to be returned that's why we returned the P24 lotto ticket consolation prize," he said.
Consolation prizes were given to the Jollitown float of Jollibee, B-Max themed float of the Manor, Dessert-themed float of Pascual Creamy Delights, the Better Together float of Pepsi, the REVBLOOM-themed float of Department of Tourism, the Department of Agriculture float, Taste the Feeling themed Coca-Cola float, Probinsiyano float of ABS-CBN, Barangay, MLhuillier float, Lower Dagsians tree trunk float, Zagu Foods Corporation, TV-5 and Asia Pacific Theological Seminary International Praise Center.
The 64-year-old said he feels he got the consolation prize by being picked as a judge on Celebrity Jigs and Reels.
While no one won in Sunday night's draw, 26 bettors received a consolation prize of P243,370 each for guessing five of the six-digit winning combination, 58-08-34-29-35-38.
The Gardener's Tribe of Madaymen, Kibungan, Benguet; the "Tribo Man-apit" (harvesters) of Puguis, La Trinidad, Benguet; Ayyoweng di Lambak (call for celebration) of Tadian, Mountain Province and the Dinamey Baguio Cultural Group; Baguio Binadang (helping hand) As Nan Batawa Cultural Dancers; Am-among (festival) Chi Umili of Bontoc, Mountain Province; Baguio Umili Ay Kalalaychan (elderly) Cultural group; I-Lubuagen Performing Group of Lubuagan, Kalinga province; Caba National High School, Shakrag Sadanga of Sadanga, Mountain Province Cultural Organization; Tribu Bugkalot of Aurora province and the Chom-No Cultural Performing Group of Tam-awan barangay in the city will also receive P30,000 as consolation prize.
Consolation prize was given to MBBS final year student Hafiz Huzaifa Azam.
Home internationals might be a consolation prize but every fan in Scotland would relish the opportunity of playing the Auld Enemy again.
BRIDESMAID Paul McGinley missed out on pounds 1million at the HSBC World Match Play yesterday, but he had the consolation prize of taking a massive step towards his home Ryder Cup party next year.
Meanwhile, 31 bettors won a consolation prize of P230,020 after correctly guessing five of the six winning numbers.