noun
a withdrawal or retreat from a commitment or agreement
verb
to withdraw or retreat from a commitment or agreement
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The company decided to back out of the deal due to unforeseen circumstances.
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I was supposed to go to the concert with my friend, but she backed out at the last minute.
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I told him I would help him move, but then I backed out because I had other plans.
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She was going to take on the new project, but she backed out when she realized how much work it would be.