We propose ClausIE, a novel, clause-based approach to open information extraction, which extracts relations and their arguments from natural language text. ClausIE fundamentally differs from previous approaches in that it separates the detection of ``useful'' pieces of information expressed in a sentence from their representation in terms of extractions. In more detail, ClausIE exploits linguistic knowledge about the grammar of the English language to first detect clauses in an input sentence and to subsequently identify the type of each clause according to the grammatical function of its constituents. Based on this information, ClausIE is able to generate high-precision extractions; the representation of these extractions can be flexibly customized to the underlying application. ClausIE is based on dependency parsing and a small set of domain-independent lexica, operates sentence by sentence without any post-processing, and requires no training data (whether labeled or unlabeled). Our experimental study on various real-world datasets suggests that ClausIE obtains higher recall and higher precision than existing approaches, both on high-quality text as well as on noisy text as found in the web.