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quit (adj.)

c. 1200, "excused, exempt, free, clear" (of debt, obligation, penalty, etc.), from Old French quite, quitte "free, clear, entire, at liberty; discharged; unmarried," and directly 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").

From mid-13c. as "deprived of." From c. 1300 of real property, "exempt from taxes or other dues or claims."

quit (v.)

c. 1200, quiten, "to repay, discharge" (a debt, claim, etc.), from Old French quiter "to clear, establish one's innocence;" also transitive, "release, let go; absolve, relinquish, abandon" (12c., Modern French quitter), 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, repay" is from 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 "to leave, depart from, go away from" is attested by late 14c.; that of "stop, cease" (doing something) is from 1640s. Meaning "to give up, relinquish" is from mid-15c. Related: Quitted; quitting. Quitting time "time at which work ends for the day" 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