call it quits

quits

[kwits]
adjective
1.
on equal terms by repayment or retaliation.
Idioms
2.
call it quits,
a.
to end one's activity, especially temporarily: At 10 o'clock I decided to call it quits for the day.
b.
to abandon an effort.
3.
cry quits, to agree to end competition and consider both sides equal: It became too dark to continue play and they decided to cry quits.

Origin:
1470–80; perhaps < Medieval Latin quittus quit1

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
quits (kwɪts)
 
adj
1.  on an equal footing; even: now we are quits
2.  call it quits to agree to end a dispute, contest, etc, agreeing that honours are even
 
interj
3.  an exclamation indicating willingness to give up

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Etymonline
Word Origin & History

quit
early 13c., "free, clear," from O.Fr. quite "free, clear," from L. quietus "free" (in M.L. "free from war, debts, etc."), also "calm, resting" (see quiet). The verb is first attested c.1300, "to set free, redeem" (usually of a debt or suspicion); sense of "leave" is attested
from late 14c.; that of "to leave (a place)" is from c.1600; that of "stop" (doing something) is from 1640s. Meaning "to give up" is from mid-15c.; quitting time is from 1835; quitter as an insult is 1881, American English. Quits "even" (with another) is from 1660s.
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Idioms & Phrases

call it quits

Stop working, abandon something, give up, as in John is calling it quits for now or This ground is far too stony for a garden so I'm calling it quits. This idiom comes from cry quits, dating from the 1600s and meaning "declare even" or "get even." The verb call was substituted in the late 1800s. Also see call it a day.

The American Heritage® Dictionary of Idioms by Christine Ammer.
Copyright © 1997. Published by Houghton Mifflin.
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Idioms & Phrases
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