The Collaborative International Dictionary of English v.0.48:

Merit \Mer"it\, n. [F. m['e]rite, L. meritum, fr. merere,
   mereri, to deserve, merit; prob. originally, to get a share;
   akin to Gr. ? part, ? fate, doom, ? to receive as one's
   portion. Cf. Market, Merchant, Mercer, Mercy.]
   1. The quality or state of deserving well or ill; desert.
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            Here may men see how sin hath his merit. --Chaucer.
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            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. --Shak.
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   2. Esp. in a good sense: The quality or state of deserving
      well; worth; excellence.
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            Reputation is . . . oft got without merit, and lost
            without deserving.                    --Shak.
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            To him the wit of Greece and Rome was known,
            And every author's merit, but his own. --Pope.
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   3. Reward deserved; any mark or token of excellence or
      approbation; as, his teacher gave him ten merits.
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            Those laurel groves, the merits of thy youth.
                                                  --Prior.
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The Collaborative International Dictionary of English v.0.48:

Merit \Mer"it\, v. i.
   To acquire desert; to gain value; to receive benefit; to
   profit. [Obs.] --Beau. & Fl.
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The Collaborative International Dictionary of English v.0.48:

Merit \Mer"it\, v. t. [imp. & p. p. Merited; p. pr. & vb. n.
   Meriting.] [F. m['e]riter, L. meritare, v. intens. fr.
   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." --Shak.
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   2. To reward. [R. & Obs.] --Chapman.
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WordNet (r) 3.0 (2006):

merit
    n 1: any admirable quality or attribute; "work of great merit"
         [syn: merit, virtue] [ant: demerit, fault]
    2: the quality of being deserving (e.g., deserving assistance);
       "there were many children whose deservingness he recognized
       and rewarded" [syn: deservingness, merit,
       meritoriousness]
    v 1: be worthy or deserving; "You deserve a promotion after all
         the hard work you have done" [syn: deserve, merit]