Can I withdraw my acceptance later?

Started by versary
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versary

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I just got pulled off a wait-list for a school today. However, I am currently waiting on an acceptance from one other school. The school that pulled me off the wait-list asks that I reply in a few days. If I accept the offer, could I still withdraw later? I would just be surrendering my deposit, right?
 
Thank you very much. I just wanted to double check my facts before I made a faux-pas.