I agree with you, Rhiannon, and Jane.
It's an old name, and a quoit was a disc of stone or metal. In recent times we have had the game of deck-quoits which refers to the ring of rope or rubber as a quoit, but that wasn't the original meaning.
Me 4. There are many single standing stones referred to as quoits.
http://www.themodernantiquarian.com/search/site_names/quoit/
Yeah, I can find references to "quoit" deriving from "flat stone", but no etymology that links the word with upright stones.
http://www.wordnik.com/words/quoit/etymologies
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