On even terms with by payment or requital: I am finally quits with the loan. (adjective)
American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
Use "quits" in a sentence
"The recent decision by four veteran House Democrats to call it quits is raising questions about whether more will soon follow as the 2010 political climate grows more threatening in the midterm congressional elections, a year when government and business forecasters are predicting high unemployment and a slow economic recovery."
"When small press magazines call it quits or when corporations drum out publications to fill a profit margin."
"Guiding Light to go dark -- The longest-running soap opera will call it quits in September."