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Verb: chicken out
  1. [informal] Remove oneself from an obligation
    "He chickened out when he heard how much work was involved";
    - back off, pull out, back down, bow out
     
  2. Be too scared to do something
    "He chickened out of the skydiving trip at the last minute";
    - chicken

Derived forms: chickening out, chickens out, chickened out

Type of: retire, withdraw