( informal ) when two people are quits , they do not owe each other anything, especially money :
I'll give you £5 and then we're quits.
( informal ) when two people are quits , they do not owe each other anything, especially money :
I'll give you £5 and then we're quits.
Oxford Advanced Learner's English Dictionary. Оксфордский английский словарь для изучающик язык на продвинутом уровне. 2005