Accepts new contract and quits (7)
I believe the answer is:
resigns
This clue might be a double definition.
'accepts new contract' is the first definition.
'resigns' can be an answer for 'accepts' (resigning is a kind of accepting). I am not sure about the 'new contract' bit.
'quits' is the second definition.
(resigning is a kind of quitting)
'and' is the link.
Can you help me to learn more?
(Other definitions for resigns that I've seen before include "Gives up (a post)" , "Leaves job voluntarily" , "does the honourable thing" , "abdicates" .)