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.
Mike: "Where's Bob?"
Tony: "He pulled the chute again."
Pulled, chute, or simply: P.T.C.
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."