Legal Definitions - prize

Definition: A prize is something valuable that is given to someone as a reward for their achievement. It can also refer to a ship or its cargo that is captured during a war and can be claimed by the capturing nation.

Examples:

• Winning the Nobel Prize in Literature is a great honor and comes with a cash prize.
• The lottery winner received a prize of $1 million.
• During the war, the navy captured an enemy ship and claimed it as a prize.

The examples illustrate the two different meanings of the word "prize." The first two examples show how a prize can be a reward for an achievement, such as winning a literary award or a lottery. The third example shows how a prize can refer to a ship or its cargo that is captured during a war and claimed by the capturing nation.