plural of quit
"The players didn't show up for practice, so the coach declared that two starters were quits and would need to make it up on their own time."
Third-person singular simple present indicative form of quit
"The player quits as soon as he realizes there is no hope of winning."
On equal monetary terms; neither owing or being owed.
"After settling their bets, they went their separate ways as quits on the money exchanged."