You don't lose a "contract". You would be hired as an employee, and if you don't live up to the conditions of employment you get fired.

You can't just chose to fly below minimum gurantee. You will bid for the schedule that you want, but having low seniority you pretty much get what ever you get. This isn't some part time type of a career where you can work part time just because you feel like it.

The minimum gurantee exists to give you pay protection should there not be enough flying to give you a full line of flying, and in today's environment going below min gurantee just doesn't happen.

Now as has been mentioned, you can trade trips or even sell off trips to your cowerkers if you are so inclined. But at the rate people are being worked your coworkers might not be inclined to take on any extra flying.

If you move into the airline world, realize that this is a full time job. You WILL be away from your family. The upside is that with a little seniority, you can eventually hold 15 days off a month to spend with your family.

This will be the same at any regional you go to. There may be other quality of life differences between carriers but the above applies across the board.