Possible to leave a contract academic position shortly after signing new contract? I am an assistant professor on a year-to-year contract in academic med (I'm a PhD biostatistician). I just signed a new contract in July. I have been 'head hunted' to join a private company, and I am seriously considering it. What do I 'owe' in terms of my contact? I get the feeling the contact is more to protect the faculty member from the university and not the other way around, right? I would not be leaving until the spring, so 4-5 months notice. I dont have any teaching duties. Can I just give notice?
The only real recourse that they would have is to sue you for breaking the contract.  Although that's possible, chances are that they wouldn't be able to prove substantial damages and that even if they prevailed you wouldn't have enough assets to make the suit worth while.  This is why academics who break their contracts are seldom sued for breach of contract.  

However, depending on how you do this you might end up losing any chance at a positive reference from your former employer.  This is probably the biggest risk that you face.