Which of the following statement (s) is/are correct about Transfer of property Act 1882? 1. This act governs the transfer of both Movable Property and Immovable Property. 2. This Act also serve as the code of contract law governing immovable property.

Only 1 is correct Only 2 is correct Both 1 and 2 are correct None of the statement is correct .

Only 2 is correct

Matters relating to property are governed by the Transfer of Property Act, 1882 in India. The object of the Transfer of Property Act (called the ´TPA’ under the unit of Property Law) is to regulate the transfer of property between living persons. It shall also serve as the code of contract law governing immovable property. The term 'Property' or the term ‘Transfer of Property’ are not defined in the Act. Property is of two kinds - movable and immovable. Movable property is one which can be transferred from one place to another and is governed by the Sale of Goods Act. Immovable property governed by the Transfer of Property Act is not defined in the Act.