What is the meaning of quits?

verb

• Put an end to a state or an activity.
  • usage: "Quit teasing your little brother"
  • synonyms: discontinue, stop, cease, give up, quit, lay off
• Give up or retire from a position.
  • usage: "The Secretary of the Navy will leave office next month"; "The chairman resigned over the financial scandal"
  • synonyms: leave office, quit, step down, resign
• Go away or leave.
  • synonyms: depart, take leave, quit
• Turn away from; give up.
  • usage: "I am foreswearing women forever"
  • synonyms: foreswear, renounce, quit, relinquish
• Give up in the face of defeat of lacking hope; admit defeat.
  • usage: "In the second round, the challenger gave up"
  • synonyms: drop out, give up, fall by the wayside, drop by the wayside, throw in, throw in the towel, quit, chuck up the sponge

adjective

• On equal terms by payment or requital.
  • usage: "we're now quits"; "finally quits with the loan"