The nature of a transaction determines the type of contract law that applies. General contract law described above applies to such transactions as service agreements and sales of real property. Contracts for the sale of goods, however, are governed by Article 2 of the UCC, which has been adopted, at least in part, in every state. The UCC THE NATURE OF CONTRACT. For the practicing surveyor, contract law is a most important field of study. Its scope is vast, and to attempt to cover all its ramifications would be incompatible with the purpose of this handout. The effort here will be to treat briefly the various kinds of contracts and their interpretation, Nature of contract 1. NATURE OF CONTRACT Presented by – Akhilesh ojha 2. LAW OF CONTRACT • Definition of Contract -: a contract is an agreement made between two or more parties which the law will enforce.