The main provisions of the treaties confirmed that Louis XIV's grandson Philip V would remain on the throne of Spain, and retain Spain's new world colonies. Many of Spain's other territories were partitioned out among the allied powers. The Emperor received the Spanish Netherlands, the Duchy of Milan, Naples, and Sardinia. The Duke of Savoy received Sicily and some strips of land in Lombardy. The British received Gibraltar and Minorca, which they had captured during the war.
There were also some colonial provisions pertaining to North America: France recognized British control of the Hudson Bay Territory and Newfoundland and ceded Acadia to the British. France retained Cape Breton Island, the St. Lawrence Islands, and fishing rights off Newfoundland.
The word is also used as an abridgment for a treaty of peace, in such cases as the Peace of Utrecht (1713) and the Peace of Amiens (1802).
Foremost among standing peace agreements are, of course, the International Hague Conventions relating directly to peace, agreements which have not only created a special peace jurisdiction for the settlement of international difficulties by judicial methods but also a written law to apply within the scope of this jurisdiction.
Ultimate peace is uniformly proclaimed by every dictator at home, by every conqueror abroad, as the goal to which he is directing his efforts.