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Question

go back on one's word / promise : to break a promise that one has made.

ex: I hate to go back on my word, but I won't pay you $100 afterall.

Going back on your promise makes you a liar.

Answer 1

Hi

This one can be used as well:

break your promise (websters)

example: He broke his promise (he didn't do what he said he would do) (websters).

Answer 2

Additionally,

renege on a(n) promise/agreement/deal/decision/etc (formal)

And

walk out on a(n) promise/agreement/deal/etc

, added to the previous ones:

go back on a(n) promise/agreement/etc, and

break a(n) promise/agreement/contract

 

Answer 3

Also "back out" as " He backed out of his earlier promise".