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The opposite of init which means "isn't it" often used to agree.

Outit means "get out of here", or more simply..."no it isn't".

init = agreement, question, exclaim,

Outit = non agreement, an answer, to leave or get away, withdraw

Outit is ultimately used to end something.
Blimey Bill: The weather in London is beautiful today, init?
Sophisticated Steve: Outit, mate. The weather's shite.
by Mikey The Comic November 23, 2010
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