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DictionaryquitsEven in obligations
adjective

quits

KWITS/kwɪts/

No longer owing each other anything.

The friends are quits after settling their debts and shaking hands.

Two friends finish settling mutual debt: equal piles of coins between them on small table, empty open palms and relieved handshake; no leftover IOU or text.
Etymology
quitLatinfree from liability
+sEnglishplural

The base may be Medieval Latin quittus, used of someone discharged from a liability. In quits, that freedom becomes mutual: neither person has an outstanding claim on the other.

In context

Libranima320:17
speak ill of thy wife; for after all she is the mother of thy children. We are quits, returned Sancho; for she speaks ill of me
Don Quixote - Cervantes (Illustrated Audiobook) Part 3 of 4

More examples

  • Pay for lunch and we'll be quits.
  • They finally called it quits on the debt.
  • He considered them quits after returning the favor.

Forms

quits

Similar words

even
An everyday alternative when debts or scores balance.
square
Informally means that debts or obligations are settled.