Vertex deletion and edge deletion problems play a central role in Parameterized Complexity. Examples include classical problems like Feedback Vertex Set, Odd Cycle Transversal, and Chordal Deletion. Interestingly, the study of edge contraction problems of this type from a parameterized perspective has so far been left largely unexplored. We consider two basic edge contraction problems, which we call Path-Contractibility and Tree-Contractibility. Both problems take an undirected graph $G$ and an integer $k$ as input, and the task is to determine whether we can obtain a path or an acyclic graph, respectively, by contracting at most $k$ edges of $G$. Our main contribution is an algorithm with running time $4^{k+O(\log^2 k)} + n^{O(1)}$ for Path-Contractibility and an algorithm with running time $4.88^k n^{O(1)}$ for Tree-Contractibility, based on a novel application of the color coding technique of Alon, Yuster and Zwick. Furthermore, we show that Path-Contractibility has a kernel with at most $5k+3$ vertices, while Tree-Contractibility does not have a polynomial kernel unless coNP $\subseteq$ NP/poly. We find the latter result surprising, because of the strong connection between Tree-Contractibility and Feedback Vertex Set, which is known to have a vertex kernel with size $O(k^2)$.