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1.
To backout, drop out of or give up on something.

Derived from the use of parachutes in sky diving. The diver "pulls the chute" on the dive at a certain point where he/she deems safe.
"Bob 'pulled the chute' on class again." This translates to the following:

Bob skipped class again.

In conversation:
Mike: "Where's Bob?"
Tony: "He pulled the chute again."

Short forms:

Pulled, chute, or simply: P.T.C.
by BJLOVE{bob} March 10, 2004

Words related to Pull The Chute

abort avoid cancel change gong show withdraw
 
2.
To suddenly cancel plans at the last moment or to stop one's self from attempting a drastic action.
"I was totally going to hit up that chick but I got scared and had to pull the chute."

"I was supposed to have dinner with my parents but I pulled the chute and went to a strip club."
by Sillyist August 20, 2009