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A verbal acceptance doesn't hold as much weight as a written one. Declining the position at this stage likely won't burn any bridges, as long as you express your sincere appreciation for the opportunity and give a good reason for your change of heart.
A verbal job offer, which is made and accepted formally, is legally binding on both the parties. However, it's a bit more complicated than a written agreement since you must establish the terms of employment at the time of the offer.
What is a verbal offer? A verbal job offer is an informal employment offer that occurs when hiring managers tell candidates in person or over the phone that they wish to hire them for a specific job position.
If you accept a job which is offered to you verbally, you enter into a legally enforceable contract. Thus, if someone offers you a job over the phone and you accept it, you cannot go for another interview, accept another job and then reject the offer you already accepted.
If a written job is legally binding, the accompanying verbal job offer likely is, too. Verbal job offers are binding if: There is a contract of employment. The job offer is unconditional.
Short version: yes, a verbal contract is legally binding. You must extend the written offer and the job when you make a verbal offer. When the candidate accepts that verbal offer, they must accept the job.
A job offer is legally binding on both you and the employer once you accept it.
Verbal job offers are as binding as written offers so where a verbal offer is made, and verbally accepted, a valid legally enforceable contract of employment is formed even though there is nothing in writing.
Can you back out of the job offer? Yes. Technically, anyone can turn down a job offer, back out of a job already started, or renege on an acceptance at any point. Most states operate with what is called at will employment. This means the employee and the employer are not in a binding contract.
Generally speaking, offer letters are not legally binding contracts, so you can back out if you choose (but when in doubt, consult an attorney).