Honesty is the best policy. If you truly like the first job, then sign the acceptance letter. Then contact the second job and let them know of your decision and politely decline going any further in the process. If you've had a telephone interview with the second job and liked the experience, tell them. But make it clear that you'll not be going forward with the second offer.
Tbh, the second job would appreciate you being forthcoming so that they can make other offer letters to other candidates.
The true pickle is if the second job offers a ton more money lol
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