quits / kwits/ • adj. (of two people) on even terms, esp. because a debt or score has been settled: I think we're just about quits now, don't you?PHRASES: call it quits agree or acknowledge that terms are now equal, esp. on the settlement of a debt: take this check and we'll call it quits. ∎ decide to abandon an activity or venture: surely, after covering eleven wars, he could be forgiven for calling it quits?