Yes is the answer. Contract testing is testing the 'contract' between 2 endpoints. The contract is actually the requirements that define the interface between the two and the listening endpoint. So essentially contract testing is what we do when we test apis via ReadyAPI or any other tool.
In regards to "how" to achieve this testing, this is defined by both the technical and business based requirements of the endpoint (the contract!). Without knowing more about what sort of api youre testing we wont be able to give you further details.
In short api testing tools/REST Clients are built for contract testing.
If you respond back with details of the api youre testing and some of the basic tech requirements associated with the contract, people will then be able to guide you on how they would test this.