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quit (adj.)

c. 1200, "free, clear" (of debt, etc.), from Old French quite, quitte "free, clear, entire, at liberty; discharged; unmarried," from Medieval Latin quitus, quittus, from Latin quietus "free" (in Medieval Latin "free from war, debts, etc."), also "calm, resting" (from PIE root *kweie- "to rest, be quiet").

quit (v.)

c. 1200, "to repay, discharge" (a debt, etc.), from Old French quiter "clear, establish one's innocence;" also transitive, "release, let go, relinquish, abandon" (12c.), from quite "free, clear, entire, at liberty; discharged; unmarried," from Medieval Latin quitus, quittus, from Latin quietus "free" (in Medieval Latin "free from war, debts, etc."), also "calm, resting" (from PIE root *kweie- "to rest, be quiet").

Meaning "to reward, give reward" is mid-13c., that of "take revenge; to answer, retort" and "to acquit oneself" are late 14c. From c. 1300 as "to acquit (of a charge), declare not guilty." Sense of "leave, depart" is attested from c. 1400; that of "stop" (doing something) is from 1640s. Meaning "to give up, relinquish" is from mid-15c. Related: Quitted; quitting. Quitting time is from 1835.

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Definitions of quit from WordNet

quit (v.)
put an end to a state or an activity;
Synonyms: discontinue / stop / cease / give up / lay off
quit (v.)
give up or retire from a position;
Synonyms: leave office / step down / resign
quit (v.)
go away or leave;
Synonyms: depart / take leave
quit (v.)
turn away from; give up;
Synonyms: foreswear / renounce / relinquish
quit (v.)
give up in the face of defeat of lacking hope; admit defeat;
Synonyms: drop out / give up / fall by the wayside / drop by the wayside / throw in / throw in the towel / chuck up the sponge
From wordnet.princeton.edu