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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

prize

property lawfully appropriated in war.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in classic literature ?
I'm glad the prize come to Riverboro 't any rate, and a han'somer one never was give out from the Wareham platform.
"Rebecca won't have any new clothes out o' the prize money," remarked Mrs.
"Here's a delicate bit of womanhood, or girlhood, coming to receive a prize, I suppose," said Mr.
Are you to keep your own prize, while I sit tamely under my loss and give up the girl at your bidding?
You forget this, and threaten to rob me of the prize for which I have toiled, and which the sons of the Achaeans have given me.
"Oh, I KNEW it would win the prize -- I was sure of it.
Then, if it didn't win the prize, you'd never know and you wouldn't feel badly over it, because the stories that failed were not to be returned, and if it did you'd have such a delightful surprise."
Nay, good David, what thou tellest me maketh me to desire the prize even more than I else should do.
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.
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.
``If Brian de Bois-Guilbert gain the prize,'' said the Prior, `` I will gage my rosary that I name the Sovereign of Love and Beauty.''