I just came across the following sentence;
If you pay for my ticket then we will be quits.
What does the phrase "we will be quits" mean in there? Please, elaborate!
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According to the dictionary, be quits means:
"to not owe money to someone or to each other now"
If you pay for my ticket then we will be quits
will then mean that the subject in the sentence will not owe money to the speaker if he pays for his ticket.