Contingent Contract:
A contingent contract is a type of agreement where the performance of one or both parties depends on the occurrence of a specific event. This event is uncertain and may or may not happen. If the event does not occur, the contract becomes void.
Example: A contractor agrees to build a house for a homeowner, but the contract is contingent on the homeowner obtaining financing for the project. If the homeowner is unable to secure financing, the contract is not enforceable.

Wagering Contract:
A wagering contract is a type of agreement where two parties make a bet on the outcome of a future event. The main characteristic of a wagering contract is that it involves a chance-based outcome rather than a certainty.
Example: Two friends bet on the outcome of a football game. If Team A wins, Friend A owes Friend B $100, but if Team B wins, Friend B owes Friend A $100. This type of contract is considered void and unenforceable in many jurisdictions because it involves gambling.

Difference:
- Contingent contracts are based on specific events while wagering contracts are based on uncertain outcomes.
- Contingent contracts are legal and enforceable as long as the contingent event occurs, while wagering contracts are generally considered void.
- Contingent contracts involve real transactions or performance of services, whereas wagering contracts are purely speculative and involve gambling.
In conclusion, the key difference between contingent and wagering contracts lies in the nature of the events upon which they are based and their legality. Contingent contracts are valid agreements that depend on specific events, while wagering contracts are void due to their speculative and gambling nature.