Yes. Commonly given at a banquet, followed by a celebratory short alcoholic drink. For extra dramatic effect, the glasses may be smashed against the fireplace, as at a wedding.
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AnonymousIs it okay to use "Toast" to mean 'a formal speech expressing good wishes to someone"?Not really. A "toast" isn't really a "speech". It refers to the raising of drinking glasses in tribute to someone or something, accompanied by a few words that briefly mention the person or thing being toasted.