Definition of quits adjective from the Oxford Advanced Learner's Dictionary

 

quits

 adjective
adjective
BrE BrE//kwɪts//
 
; NAmE NAmE//kwɪts//
 
 
jump to other results
Word Origin late 15th cent. (in the sense ‘freed from a liability or debt’): perhaps a colloquial abbreviation of medieval Latin quittus, from Latin quietus, used as a receipt (see quietus).Idioms
be quits (with somebody)
 
jump to other results
(informal) when two people are quits, they do not owe each other anything, especially money I'll give you £5 and then we're quits.
    call it quits(informal)
     
    jump to other results
  1. 1to agree to end a contest, disagreement, etc. because both sides seem equal
  2. 2to decide to stop doing something
double or quits(British English)(North American English double or nothing)
 
jump to other results
(in gambling) a risk in which you could win twice the amount you pay, or you could lose all your money
See the Oxford Advanced American Dictionary entry: quits