Suppose there is a wooden block in a liquid in beaker. So there would be MG, buoyant force downwards, and normal contact force due to water also right? Would that be all the forces?
The bouyant force IS the contact force.
For the block: Its own weight and the bouyant force(or "contact force") by the liquid.
For the liquid: Its own weight, the contact force by block (equal and opposite to the bouyant force by the liquid on the block) and the contact force by the beaker.
These are all if you consider liquid and block. I see you also got the direction of bouyant force wrong too. It would actually be upwards on the block.