Pull The Chute 

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.

Pull The Chute by BJLOVE{bob} March 10, 2004

Pull the chute 

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."

Pull the chute by Sillyist August 20, 2009