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 skipped class again.
Mike: "Where's Bob?"
Tony: "He pulled the chute again."
Pulled, chute, or simply: P.T.C.
"I was supposed to have dinner with my parents but I pulled the chute and went to a strip club."