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



BrE BrE//kwɪts//
; NAmE NAmE//kwɪts//
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Word Originlate 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)
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(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)
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  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)
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(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