Webster's Revised Unabridged Dictionary · 1913

Merit

Merit , noun

[French mérite, Latin meritum, from merere, mereri, to deserve, merit; prob. originally, to get a share; akin to Greek {not transcribed} part, {not transcribed} fate, doom, {not transcribed} to receive as one's portion. Compare Market, Merchant, Mercer, Mercy.]

1.
The quality or state of deserving well or ill; desert.
Here may men see how sin hath his merit. — Chaucer
Be it known, that we, the greatest, are misthought For things that others do; and when we fall, We answer other's merits in our name. — Shakespeare
2.
The quality or state of deserving well; worth; excellence.
Reputation is... oft got without merit, and lost without deserving. — Shakespeare
To him the wit of Greece and Rome was known, And every author's merit, but his own. — Pope
3.
Reward deserved; any mark or token of excellence or approbation; as, his teacher gave him ten merits.
Those laurel groves, the merits of thy youth. — Prior

Merit , transitive verb

[French mériter, Latin meritare, v. intens. from merere. See Merit, n.]

1.
To earn by service or performance; to have a right to claim as reward; to deserve; sometimes, to deserve in a bad sense; as, to merit punishment.
This kindness merits thanks. — Shakespeare
2.
To reward. [Rare & Obsolete] — Chapman

Merit , intransitive verb

To acquire desert; to gain value; to receive benefit; to profit. [Obsolete] — Beau. & Fl