Fade

Fade is a response to a question or suggestion that you do not want to do. It can also be used as a call out to describe something that was gonna happen but got cut off or canceled. It is mainly used as a verb, synonymous with "missing" something.

Verb:
Hey man, you gonna pull up to the bars tonight?

Nah, I'm gonna fade 'cause I gotta wake up early.

Response:
Coworker: I need you to take out the trash right now
Worker: Fade