|Origin:||Probably from quit 'free of'; QUITE|
1 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.
to agree that a debt or argument is settled:
Just give me $20 and we'll call it quits.
to stop doing something:
After twenty-five years as a teacher, he's decided to call it quits.