question about earnest money/offer acceptance process

[Regina Sloan]

Hello BP, 

Have a quick question that google isn't clear about. An offer was put on a flip property yesterday, it was accepted. Earnest money is due by Friday. No walk-through or inspection completed yet, but red flags coming up from paperwork and second guessing. 

Is client at this point, still obligated to pay earnest money if they decide they want to back out of deal & if so, after paying earnest money, that would be it?