on equal terms by repayment or retaliation.
call it quits,
to end one's activity, especially temporarily: At 10 o'clock I decided to call it quits for the day.
to abandon an effort.
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.

1470–80; perhaps < Medieval Latin quittus quit1

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1 [kwit]
verb (used with object), quit or quitted, quitting.
to stop, cease, or discontinue: She quit what she was doing to help me paint the house.
to depart from; leave (a place or person): They quit the city for the seashore every summer.
to give up or resign; let go; relinquish: He quit his claim to the throne. She quit her job.
to release one's hold of (something grasped).
to acquit or conduct (oneself).
to free or rid (oneself): to quit oneself of doubts.
to clear (a debt); repay.
verb (used without object), quit or quitted, quitting.
to cease from doing something; stop.
to give up or resign one's job or position: He keeps threatening to quit.
to depart or leave.
to stop trying, struggling, or the like; accept or acknowledge defeat.
released from obligation, penalty, etc.; free, clear, or rid (usually followed by of ): quit of all further responsibilities.

1175–1225; (adj.) Middle English quit(te) exempt, freed, acquitted of (< Old French quite) < Medieval Latin quittus, by-form of quītus (≫ Middle English quit(e); see quite), for Latin quiētus quiet1; (v.) Middle English quit(t)en to pay, acquit oneself < Old French quit(t)er < Medieval Latin quittāre, quiētāre to release, discharge, Late Latin quiētare to put to rest, quiet1

quittable, adjective
unquitted, adjective

3. surrender, release. 12. acquitted, discharged.

1, 8. start. 2. enter.


2 [kwit]
any of various small tropical birds.

1845–50; orig. Jamaican English, of uncertain origin

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Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source Link To quits
World English Dictionary
quit (kwɪt)
vb , chiefly (US) quits, quitting, quitted, quit
1.  (tr) to depart from; leave: he quitted the place hastily
2.  to resign; give up (a job): he quitted his job today
3.  (intr) (of a tenant) to give up occupancy of premises and leave them: they received notice to quit
4.  to desist or cease from (something or doing something); break off: quit laughing
5.  (tr) to pay off (a debt); discharge or settle
6.  archaic (tr) to conduct or acquit (oneself); comport (oneself): he quits himself with great dignity
adj (foll by of)
7.  free (from); released (from): he was quit of all responsibility for their safety
[C13: from Old French quitter, from Latin quiētusquiet; see quietus]

quits (kwɪts)
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
3.  an exclamation indicating willingness to give up

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

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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Example sentences
Shoving back his floppy hat, he decided to call it quits for the day.
But it all gets too tough for him so he quits and goes back to his old life.
Not everyone who quits school is illiterate, nor is everyone who attends even
  close to literate.
With that much at stake, it's unlikely the two will call it quits after coming
  so far.
Related Words
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