Green’s Dictionary of Slang

1. (US) to loaf, to neglect a commitment.

1960		J. Brosnan Long Season 114: [A] fly ball that Cimoli [. . .] should have gobbled up. But Gino broke late, then quit on the ball, and it went over his head. [...] ‘That jakin’ bastard!’ I yelled.
1994		M. Ribowsky Don’t Look Back 51: White players were free [...] to jake it when they did, safe in the knowledge that there weren’t enough good black players to seriously challenge big league sovereignty.

2. (US campus) to cancel an appointment without prior notice, to drop out of an arrangement.

1989

P. Munro Sl. U.