Quits Definition

kwĭts
adjective
On even terms, as by discharge of a debt, retaliation in vengeance, etc.
Webster's New World

(colloquial, UK) On equal monetary terms; neither owing or being owed.

Here's the last of the money you lent me. We're quits now, right?
Wiktionary
Synonyms:

Idioms, Phrasal Verbs Related to Quits

Origin of Quits

  • Middle English probably alteration (influenced by Medieval Latin quittus, quītus) (past participle of quītāre to free) of quit rid of a debt from Old French quiter quit

    From American Heritage Dictionary of the English Language, 5th Edition

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quits