A term used by people who are not exactly the sharpest tool in the shed. They are probably meaning something such as quarter or perhaps even crater. Quater can also be used as term for the people that are dumb enough to use the word quater.
"The moon has quaters!"
"Its a quater after one, I'm a little drunk and I need you now."
Half of half-caste. When a person is only 1/4 one nationality and 3/4 another. Usually a term used by young bluds and brahs to refer to one of their kin who is of the quater-caste racialisation. Can also apply to Hobbits.
A period in one's life, normally during their mid-20s (24-26), that they feel the need to impulsively make decisions, and need something to blame it on.