Pronunciation: (kwits), [key]
1. on equal terms by repayment or retaliation.
2. call it quits,
a. to end one's activity, esp. 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.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.