noun.
A quality of being inadequate; a fault; a disadvantage
noun.
A mark given for bad conduct to a person attending an educational institution or serving in the army.
verb.
To deserve.
WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
noun.
the quality of being inadequate or falling short of perfection
noun.
a mark against a person for misconduct or failure; usually given in school or armed forces
Word Usage
"I never thought of this business of merit and demerit, which is able to change our lives in the twinkling of an eye, and which actually brought me down to a pretty low estate."