Is “Quits” a Scrabble word?

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Yes
QUITS
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Unavailable

Meaning of Quits

/kwɪts/

verb
  1. 1.To pay (a debt, fine etc.).

  2. 2.To repay (someone) for (something).

  3. 3.To repay, pay back (a good deed, injury etc.).

adjective
  1. 1.On equal monetary terms; neither owing or being owed.

    Here's the last of the money you lent me. We're quits now, right?

Synonyms: all even, even, even-steven