Learn how to say Quits correctly in English with this tutorial pronunciation video.
Oxford dictionary definition of the word quits:
(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?
call it quits
agree or acknowledge that terms are now equal, especially on the settlement of a debt:
take this cheque 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?
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)