*The term comes from boxing. When one fighter is really hurting the other, but the other refuses to give up, his coach/ trainer will throw a towel in the ring to end the fight and save his fighter from further damage.
Ex: I can’t figure out the answer to this problem. I’m ready to “throw in the towel.”
Ex: I was so tired while running the race, but I didn’t want to “throw in the towel.” I wanted to finish the race.