Contingencies give you the flexibility to negotiate price and terms with the seller, but not be obligated to proceed with the sale unless certain things happen to your satisfaction.
 

For example, most offers are contingent upon financial reviews. If your review of the financial records turned up something you didn't like, you would not remove the contingency. Therefore you would not be obligated to proceed with the sale and the earnest money would be returned.
 

If you choose not to remove a contingency, you have complete freedom to:
 

1. Make a different offer on the same business.
 

2. Make an offer on a different business.
 

3. Cancel the offer and get your earnest money returned.