to decide not to do something that you had said you would do:
You agreed to come. You can't back out now!
They backed out of the deal the day before they were due to sign the contract.
(from Cambridge Advanced Learner's Dictionary)
WSJ
Intel Backs Out of Laptop Program
Intel resigned from the board of the nonprofit One Laptop Per Child, citing differences over the chip maker's plans to sell its own low-cost laptops in the developing world.
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