Definition: Renege refers to the situation that a signed or a verbal contract is not met. In other words, this occurs when one party breaks his or her agreement with another party.

What does it mean to renege on a contract?

Reneging refers to a situation where one party goes back on a promise or breaks an agreement or contract that they had previously accepted.

Can I renege on a job contract?

Sure, you can legally renege on a job offer—at-will employment means you can technically leave at the drop of a hat—but there's much more to consider before you turn down one company for another.