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"nous sommes quitte" is a standard expression you use when you leveled the field with someone, having giving him something you owed him (or having received from him, something he owed you). The meaning is "neither of us owes something to the other anymore"

It can be either a positive thing (a meal for instance: you went at his house for lunch last month, he went at yours for dinner yesterday, so you're no more 'in debt')

It can well be a negative thing (for instance after trading blows or bad tricks)

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16y ago

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