Eddie Murphy and Tracee Ellis Ross Squash a Christmas Curse in Candy Cane Lane Full Trailer

Eddie Murphy has his work cut out for him this Christmas.

The 62-year-old actor stars alongside Tracee Ellis Ross, Jillian Bell and more in the first full trailer for Candy Cane Lane, an upcoming holiday comedy from Prime Video that marks a debut into the genre for Murphy and sees his protagonist, Chris, in quite the yuletide pickle after making a Christmas wish that brings some unwanted consequences.

According to a synopsis of the film, which is directed by Reginald Hudlin, Chris is "on a mission to win his neighborhood’s annual Christmas home decoration contest."

He makes a deal with a "mischievous elf" named Pepper (Bell, 39) to better his chances at winning the competition when she casts a "magic spell that brings the 12 Days of Christmas to life and wreaks havoc on the whole town."

"Ignore all the fine print. It's like you're signing your life away," Pepper tells Chris in the trailer as he seals the deal, before she lets out an evil cackle.

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Soon, a set of Christmas figurines come to life, letting Chris know what is happening — in part, that they are trapped in toy form — and that it is up to him to fix the situation.

"You gotta read the fine print, man. The terms of service are brutal," one tells him.

Soon, Chris, his wife Carol (Ross, 51), their kids and the figurines team up to bring down Pepper, with Carol telling the kids, "We're not gonna let her turn your dad into one of those weird Happy Meal toys."

"No offense, I'm sorry," she tells the figurines.

Aside from Murphy, Ross and Bell, Candy Cane Lane also stars Thaddeus J. Mixson, Ken Marino, Nick Offerman, Robin Thede and Chris Redd.

Director Hudlin (House Party, Boomerang) recently told PEOPLE that Ross' character is "a great wife, a great mother of three kids and a hardworking executive up for a promotion at the distribution center where she works. When Christmas and her family are threatened by supernatural forces, her Mama Bear instincts kick in to the fullest."

As for Bell's character, Pepper, she's an elf who "takes the ‘coal in stocking’ punishment to absurd lengths," said Hudlin, 61. "She’s out to penalize anyone who she thinks deserves it, and that includes pretty much everyone."

Offerman, 53, Thede, 44, and Redd, 38, play the characters who "are victims of Pepper’s vindictiveness," the director explained. "They have been transformed into living Christmas ornaments made of glass and look like Victorian characters.”

"They don’t get along that well, but they are allied in their urgent need to escape from Pepper’s clutches," he added, in part.

Candy Cane Lane reunites Murphy with director Hudlin and producer Brian Grazer, filmmakers he worked with on his 1992 movie Boomerang. Murphy himself is also listed as a producer on the project, in addition to Karen Lunder and Charisse Hewitt-Webster.

Written by Kelly Younger, the movie is executive produced by Doug Merrifield, with a supporting cast that also includes Genneya Walton, Madison Thomas, Anjelah Johnson-Reyes, Lombardo Boyar, D.C. Young Fly, Danielle Pinnock, Timothy Simons, Riki Lindhome and Stephen Tobolowsky.

Hudlin told PEOPLE in October, "I can say confidently you've never seen a holiday movie like this!"

"We have jump scares, car chases and kung-fu fighting, plus all the holiday feels," he added.

Candy Cane Lane is on Prime Video Dec. 1.