The phrase changes meaning based on surrounding words or situations. Can we go out tonight? That depends, are we done with all our chores?
Pro Tip 2/3
Incomplete Answer
'That depends' suggests a conditional response that requires more information. Are you free this weekend? That depends on my work schedule.
Pro Tip 3/3
Decision Influence
Indicates that a decision or outcome is influenced by other factors or conditions. Would you consider selling your car? That depends on the offer I receive.