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English definition of “call it quits”

call it quits

informal
to stop doing somethingBorrowing, lending and debt to agree with someone that a debt has been paid and that no one owes anything more: I paid for last week's shopping and you paid for this week's, so let's call it quits.Borrowing, lending and debt
(Definition of call it quits from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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