Yeah, when it comes to contracts, if something falls through on amicable terms like a emergency situation or in the case of Orlando and the Conjuring (stepped back to wait and see how the lawsuit made on the film went), then there's a chance the two parties can get back together and negotiate a new one.
But in the case of Beetlejuice and HW, that wasn't an amicable split. WB pulled the property because Uni HW voided the contract, so any chance of getting a new one is next to none. An that could be the case for H3, too.