Definition of quits in English:

quits

adjective

  • [predicative] (of two people) on even terms, especially because a debt or score has been settled:

    ‘I think we're just about quits now, don't you?’

Origin

Late 15th century (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).

Pronunciation:

quits

/kwɪts/