Definitions for quitskwɪts
Random House Webster's College Dictionary
on equal terms by repayment or retaliation.
Idioms for quits:
call it quits, to end an activity, relationship, etc.
Origin of quits:
1470–80; perh. < ML quittusquit
on equal terms by payment or requital
"we're now quits"; "finally quits with the loan"
On equal monetary terms; neither owing or being owed.
Here's the last of the money you lent me. We're quits now, right?
see the Note under Quit, a