Can you afford to wait for the next cycle to attend a law school that DOESN'T require you to screw up your life?
It isn't cowardly to say no, especially when you consider what life will be like if you say yes.
24 hours isn't enough time to find housing, get your loans in order, uproot your family, etc.
The truth is, the school that gave you 24 hours to make the decision did so (probably) because someone else dropped out and they are desperately searching for a way to fill the seat and avoid losing tuition.
If it were me (a single guy who can quit his job with no repercussions, assuming loans go through), I might take it. Someone in your position, with a husband and a baby, can't just up and go.
I'd say wait until the next cycle (if you can), apply early, and explain to the school that admitted you that you have a husband and baby to worry about and can't make a decision like this with only 24 hours grace period.
On the other hand, you don't say if your husband works or if there is any relocation assistance. If your husband has a good job that he would be forced to leave, he isn't likely to be very happy about it on such short notice.
I'm not sure what advice anyone can give you. Personally, I find this sort of practice unethical (by the law schools who do it). School starts in 2 weeks and they are trying to pressure wait listed students to make last minute, life changing decisions. Uncool.