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Can I withdraw from an accepted job offer that I signed and is legally binding?

I have accepted a job (signed a job offer acceptance statement) that has a stated 12-month minimum commitment. The acceptance statement indicates that it is legally binding and the employer highlights that withdrawal from the position or premature termination will cause a burden on the employer. Financial penalties after the start of employment could be imposed, but employment has not yet started. What, if there are any, are the legal consequences of withdrawing the acceptance before employment starts?

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