Meaning of “back out (of sth)” in the English Dictionary

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"back out (of sth)" in Business English

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back out (of sth)

phrasal verb with back uk /bæk/ us verb [ T ]

to decide not to do something that you had said you would do:

The buyer backed out of the deal the day before they were due to sign the contract.

(Definition of “back out (of sth)” from the Cambridge Business English Dictionary © Cambridge University Press)