It usually describes time to perform as one of its components and loss of deposit as a possible solution for default
It is described as specific performance and it is bilateral. Each party is held responsible for their actions or non actions. It could be enforced by legal action.
Refer to the document you signed. If you are a buyer, there are likely several ways to terminate the contract and not risk earnest money or more. If you are a seller, an opportunity may arise as the contract contingencies mature. Your agent would be your best source for advice. If you are talking about a listing contract, I would speak to your agent about your change of heart. Hopefully, the agent hasn't invested too much money (staging, marketing, mailings) already. But if they have you could offer to reimburse their costs. A sensible agent will understand your position and take steps to negate the contract. Either way, do understand that if you sell the house within a certain time period after the contract is cancelled or expires you may still be obligated to pay a listing commission. Read your contract and know your options.
If you are a seller, it is nearly impossible to get out of a purchase and sale agreement without risk of a lawsuit.
After you waive all of your contingencies, the earnest money becomes at risk (usually). Again, review your purchase and sale agreement and all attachments.
You generally have five days to cancel based on the "Form 17" Seller Disclosure statement once received. Best to use a legal out. If it's a condo, you have a Resale Certificate "out" time. Most legal outs happen in the first 5 days.
Consult an attorney if you are not sure, especially if your Earnest Money amount warrants the legal fee. Don't delay and don't use "changed my mind" as reason. "Changed Your Mind" usually equals seller gets to keep your Earnest Money Deposit.
"Earnest Money" means you signed the contract in good faith to proceed and NOT change you mind, so changed you mind is almost never a legal out.
The only change your mind in WA that I know of has to do with a refinance of a mortgage.