Quits meaning

kwĭts
On even terms with by payment or requital.

I am finally quits with the loan.

adjective
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On even terms, as by discharge of a debt, retaliation in vengeance, etc.
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(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?

adjective
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Third-person singular simple present indicative form of quit.
verb
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(informal) call it quits
  • to stop working, playing, etc.
  • to stop being friendly or intimate; end an association
idiom
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cry quits
  • to declare oneself even with another; agree to stop competing
idiom
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Idioms and Phrasal Verbs

cry 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