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call it quits (third-person singular simple present calls it quits, present participle calling it quits, simple past and past participle called it quits)

  1. To conclude; to quit or stop an activity, especially after applying oneself to it for a significant period of time.
    • 1909, Jack London, chapter 15, in Martin Eden:
      One afternoon, after twenty minutes of desperate efforts to annihilate each other according to set rules that did not permit kicking, striking below the belt, nor hitting when one was down, Cheese-Face, panting for breath and reeling, offered to call it quits.
    • 1992 May 11, "A One-Two Punch Rattles Germany," Time:
      The West's longest-serving foreign minister called it quits last week.
    Synonym: call it a day
  2. To declare debts resolved to one another
    Synonym: call it even