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 classic literature ?
In the great tent the archers were gathering by twos and threes; some talking loudly of the fair shots each man had made in his day; some looking well to their bows, drawing a string betwixt the fingers to see that there was no fray upon it, or inspecting arrows, shutting one eye and peering down a shaft to see that it was not warped, but straight and true, for neither bow nor shaft should fail at such a time and for such a prize. And never was such a company of yeomen as were gathered at Nottingham Town that day, for the very best archers of merry England had come to this shooting match.
"I'm glad o' that, for I'll never believe it was better 'n Huldy's till I read it with my own eyes; it seems as if the prize ought to 'a' gone to one of the seniors."
"DEAR MADAM: We have much pleasure in informing you that your charming story `Averil's Atonement' has won the prize of twenty-five dollars offered in our recent competition.
"Here is the prize for the first sack-race," said Miss Lydia, taking a large parcel from the table where the prizes were laid and giving it to Mrs.
`But who is to give the prizes?' quite a chorus of voices asked.
Are you to keep your own prize, while I sit tamely under my loss and give up the girl at your bidding?
"Nay," said Rob, "but you are a good fellow by this token, and if I win not, I hope you may keep the prize from yon strutters." And he nodded scornfully to the three other archers who were surrounded by their admirers, and were being made much of by retainers of the Sheriff, the Bishop, and the Earl.
A prouder young woman was seldom seen than she, when, having composed herself, she electrified the family by appearing before them with the letter in one hand, the check in the other, announcing that she had won the prize. Of course there was a great jubilee, and when the story came everyone read and praised it, though after her father had told her that the language was good, the romance fresh and hearty, and the tragedy quite thrilling, he shook his head, and said in his unworldly way...
These, then, are the prizes and rewards and gifts which are bestowed upon the just by gods and men in this present life, in addition to the other good things which justice of herself provides.
Haarlem offered prizes for tulip-growing; and this fact brings us in the most natural manner to that celebration which the city intended to hold on May 15th, 1673 in honour of the great black tulip, immaculate and perfect, which should gain for its discoverer one hundred thousand guilders!
Thirdly, when the knights present had accomplished their vow, by each of them breaking five lances, the Prince was to declare the victor in the first day's tourney, who should receive as prize a warhorse of exquisite beauty and matchless strength; and in addition to this reward of valour, it was now declared, he should have the peculiar honour of naming the Queen of Love and Beauty, by whom the prize should be given on the ensuing day.
"After all, it's jolly easy for him to get prizes," they said, "there's nothing he CAN do but swat."