Voidable Contract:
A voidable contract is a legally binding agreement that can be terminated or voided by one of the parties involved. It is a valid contract initially, but due to certain circumstances or the presence of a specific condition, it can be deemed voidable. The party that has the option to void the contract can choose to either enforce the contract or terminate it.

Difference between Voidable Contract and Contingent Contract:

Voidable Contract:
- A voidable contract is initially valid and enforceable, but it can be voided by one of the parties involved.
- It is usually voidable at the option of one party, while the other party remains bound by its terms.
- The party with the option to void the contract must actively communicate their intention to do so within a specified time frame or before the contract is ratified.
- If the contract is voided, both parties are released from their obligations and any consideration exchanged is typically returned.
- The party with the option to void the contract must have a valid reason, such as fraud, undue influence, duress, misrepresentation, or incapacity, to exercise their right to void the contract.

Contingent Contract:
- A contingent contract is a contract that depends on the occurrence of a specific event or condition.
- It is enforceable only if the specified event or condition happens or does not happen, as it establishes a conditional obligation.
- The performance of a contingent contract is uncertain, as it is contingent on the occurrence or non-occurrence of the specified event.
- If the specified event or condition does not occur, the contingent contract becomes void and the parties are discharged from their obligations.
- Contingent contracts are commonly used in insurance policies, where the payment of claims is contingent on the occurrence of an insured event.

Conclusion:
In summary, a voidable contract is initially valid but can be voided by one party, while a contingent contract depends on the occurrence or non-occurrence of a specific event. Both types of contracts have their own characteristics and implications, and it is essential to understand their distinctions to ensure compliance with legal obligations and protect the rights of all parties involved.