Hello,
According to the official document, the Minimum System Requirements of windows 11 TPM is: Trusted Platform Module (TPM) version 2.0. So it seems TPM 1.2 is not supported.
Windows 11 System Requirements - Microsoft Support
Regarding your question about do you have the right to ask to return the PC and get a refund, suggest you communicate with the machine sales to double confirm the current TPM version and discuss with them about this issue.