Longman Dictionary of Contemporary English homepage

Date: 1600-1700
Origin: Probably from quit 'free of'; QUITE

quits

adjective
     
quits informal
1

be quits

British English if two people are quits, neither one owes anything to the other [= straight]:
I'll give you £10, and then we're quits.
2

call it quits

a) BFL to agree that a debt or argument is settled:
Just give me $20 and we'll call it quits.
b) to stop doing something:
After twenty-five years as a teacher, he's decided to call it quits.

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