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 ?
The more I think of it, the more I think Adam Ladd intended Rebecca should have that prize when he gave it.
Perkins; "you don't suppose he could tell what composition the committee was going to choose; and why should he offer another fifty dollars for a boy's prize, if he wan't interested in helpin' along the school?
King Agamemnon has dishonoured him by taking his prize and keeping her.
I expected to find you radiant over winning Rollings Reliable prize.
Three arrows shooteth each man of those three, and to him that shooteth the fairest shafts shall the prize be given.
Now, shoot thou well, Gilbert," cried the Sheriff, "and if thine be the best shaft, fivescore broad silver pennies will I give to thee beside the prize.
Fain am I to believe the prize is thine, and right fairly won.
Here, good fellow," quoth the Sheriff, "take thou the prize, and well and fairly hast thou won it, I bow.
A score and more of barefoot friars were there, and some that looked like tinkers, and some that seemed to be sturdy beggars and rustic hinds; and seated upon a mossy couch was one all clad in tattered scarlet, with a patch over one eye; and in his hand he held the golden arrow that was the prize of the great shooting match.
But as to the prize ye must e'en take my word, for I bestowed it upon a maid.
Twistbox to Rapidly Expand Global Distribution and Portfolio of Play for Prizes Games and Promotions
Diamandis said he was surprised to learn the Orteig Prize was just one of dozens of such prizes offered up for achievements in the early days of aviation.