General Employment Contract I Have Second Thoughts About My Employment Contract And Want Out!?

I have second thoughts about my employment contract and want out!? - general employment contract

I signed a contract in haste and folly of my youth work, read the fine print - up to 65% to be paid, either because you can pay elsewhere. (I have another job that pays well) 2 days per week.

This contract is 3 hours per week for 12 months from next year 2009.

If I do break the contract now, what are the legal implications?

I think it is only 3 hours and more full-time working 40 hours that I have a large impact on the company. The Department of Industrial Relations, said that technically I am not an employee of this company, but has not yet begun to contract.

Even when reading similar questions from other people, especially the answer to:
http://answers.yahoo.com/question/index ...

There seems to be sure. (I'm in Australia, but a general advice in the world like)

I wonder
(1) What is the absolute worst thing that can happen? The company is the contribution small enough to take me to court, I think.
(2) IfYou are an employer, how to handle this situation. Do you mind? (This work) is an essential function for the central role of the company.

Thank you.