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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.
Employers can rescind job offers for almost any reason unless that reason is discriminatory, e.g., based on disability, gender, race, etc. There can be legal consequences for employers for revoking an offer. In some cases, employees may be able to sue for damages if they can prove they've suffered losses as a result.
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.
Withdrawing unconditional job offersAn employer can withdraw an offer of employment at any time until it is accepted. However, once the applicant has accepted an unconditional job offer, there is a legally-binding Contract of Employment between the employer and the applicant.
Employers can rescind job offers for almost any reason unless that reason is discriminatory, e.g., based on disability, gender, race, etc. There can be legal consequences for employers for revoking an offer. In some cases, employees may be able to sue for damages if they can prove they've suffered losses as a result.
Yes, a job offer letter or job offer is legally binding as soon as the employee accepts the job offered by signing the job offer letter.
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.
The reason why an offer cannot be withdrawn after it has been accepted is that it is the action of acceptance which gives rise to a binding contractual agreement. Once a contract exists, one party cannot simply withdraw from it on a whim, unless the terms of the contract allow them to.
Generally, this means that when an employer makes an offer of at-will employment, the employer is free to rescind that job offer, for any reason or no reason at all, at any time, including the period after the potential employee has accepted the offer but before he or she begins work, without legal consequence.
The job offer once accepted becomes a basic legal contract between you and your new employer and when your employer withdraws that offer then it falls under 'Breach of Contract'. Normally the contract once made cannot be unilaterally revoked.