Offer to repair it and you have to give it up (7)

I believe the answer is:
forfeit
'you have to give it up' is the definition.
I can't judge whether this definition defines the answer.
'offer to repair it' is the wordplay.
'to repair' indicates anagramming the letters (letters are fixed or repaired).
'offer' is an anagram of 'forfe'.
'forfe'+'it'='FORFEIT'
'and' acts as a link.
Can you help me to learn more?
(Other definitions for forfeit that I've seen before include "Effort I made to pay penalty" , "Give up or lose the right to something" , "Fine, penalty; give up" , "Penalty for wrongdoing" , "Something given up as a penalty" .)
