I looked up the meaning of bail out in a few dictionaries and the closest meaning I got for its use in the following the dialog is 'to abandon an enterprise or a project'.
Is the expression bail out used correctly in the following dialog? If it is, what does it mean?

A: Do you feel bored being here?
B: Yeah! I feel like bailing out.

And is it more common to omit 'out' and still retain the context?
i.e. Yeah! I feel like bailing.
I think it is more common without the "out." I used this in college, but I haven't used this since. I don't know if it's because the slang is now passe, or if it's because I'm older.

If a party was boring, and you left before you had originally planned, you bailed. If the professor hadn't show up for class, after about 15 minutes, you'd bail.

Are you as bored as I am?
Yeah, let's bail.

A more physical meaning of 'bail out' is to jump (yes, with a parachute) out of a damaged airplane.

I imagine that''s how the idea of abandoning an enterprise then became attached to these words.

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Thank you! Your examples just sound so natural.
 Clive's reply was promoted to an answer.
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