Used when someone decides to stop trying because success seems unlikely. I've tried fixing this device several times, but now I'm just going to call it quits.
Pro Tip 2/3
Relationship Breakup
Often used to indicate the ending of a personal or business relationship. After numerous arguments, the business partners called it quits.
Pro Tip 3/3
No Formality
The phrase is informal, more suited for casual conversation than formal writing. We were losing badly, so we decided to call it quits and went home.