Its more or less personal opinion.
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No, because it wasn't 'properly' special summoned. To be able to special summon a Ritual Monster from the graveyard, it has to be initially summoned by Ritual Summon. Ritual Foregone does not Ritual Summon.
The strongest spellcaster yugioh card is obviously Relinquished and Thousand-Eyes Restrict, they can take the attack of any monster card so it could even be thought as the strongest monster. Thousand-Eyes Restrict is so powerful that it was banned in the year of 2006.
Only if the card specifically says it can summon a Ritual Monster, like Ritual Foregone. Otherwise, you can't do it, cards like A Hero Emerges, or Monster Gate, cannot special summon a Ritual Monster.Also if you summon the Ritual Monster properly, by Ritual Summon, and it is then sent to the graveyard for whatever reason, then you may bring it back to the field using cards like Monster Reborn. However you cannot simply discard a Ritual Monster from hand and try using Monster Reborn straight away, they are a form of special summon only monster, simply by being Ritual Monsters.
Under normal conditions, Chainsaw Insect, I believe, @ 2400. However, in a Skill Drain deck (which you may want to consider with Chainsaw Insect anyway), Beast King Barbaros is strongest @ 3000.
Obviously. Fulfillment of the Contract's effect is that you pay 800 lp and special summon a ritual monster from your graveyard, and when the equip card is destroyed, the ritual monsters destroyed. As usual with monsters who can't be Normal Summoned, the Ritual Monster must have properly been summoned first before you use Fulfillment of the Contract. You cannot simply discard a Ritual Monster and summon it with that card.