Dictionary.net

on equal terms by payment or requital; "we're now quits"; "finally quits with the loan"

on equal terms by payment or requital; "we're now quits"; "finally quits with the loan"

Denoting that parties are quit, or put on equal terms.

adv. At evens ; square ; an exclamation when parties have adjusted their mutual claims, &c., and are quit or free of each other.