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 ?
Cobb, "but you notice she stays right to home, and she's more close-mouthed than ever she was; never took a mite o' pride in the prize, as I could see, though it pretty nigh drove Jeremiah out o' his senses.
The more I think of it, the more I think Adam Ladd intended Rebecca should have that prize when he gave it.
I expected to find you radiant over winning Rollings Reliable prize.
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.
Three arrows shooteth each man of those three, and to him that shooteth the fairest shafts shall the prize be given.
He had hardly returned from the marquee with the prize in his hand, when it began to be understood that Wiry Ben proposed to amuse the company, before the gentry went to dinner, with an impromptu and gratuitous performance--namely, a hornpipe, the main idea of which was doubtless borrowed; but this was to be developed by the dancer in so peculiar and complex a manner that no one could deny him the praise of originality.
Irwine, in her damask satin and jewels and black lace, was led out by Arthur, followed by the whole family party, to her raised seat under the striped marquee, where she was to give out the prizes to the victors.
I care neither for you nor for your anger; and thus will I do: since Phoebus Apollo is taking Chryseis from me, I shall send her with my ship and my followers, but I shall come to your tent and take your own prize Briseis, that you may learn how much stronger I am than you are, and that another may fear to set himself up as equal or comparable with me.
Agamemnon, son of Atreus, has done me dishonour, and has robbed me of my prize by force.
And now the herald summoned Rob to the Sheriff's box to receive the prize.
So Jo was satisfied with the investment of her prize money, and fell to work with a cheery spirit, bent on earning more of those delightful checks.
Prince John began to talk to his attendants about making ready the banquet, and the necessity of adjudging the prize to Brian de Bois-Guilbert, who had, with a single spear, overthrown two knights, and foiled a third.