quits /kwɪts/ adjective informal
[Date: 1600-1700; Origin: Probably from quit 'free of'; ⇒ quite]

1. be quits British English if two people are quits, neither one owes anything to the other Synonym : straight:
I’ll give you £10, and then we’re quits.

2. call it quits
a) 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 25 years as a teacher, he’s decided to call it quits.

[TahlilGaran] Dictionary of Contemporary English ▲