Assertion (A):Transfer of Property Act, 1882 also serve as the code of contract law governing immovable property.

Reasoning (R):The term 'Property' or the term ‘Transfer of Property’ are not defined in the Transfer of Property Act, 1882.

Both A and R are correct and R is not the correct explanation of A.

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 ´TPAµ under the unit of Property Law) is to regulate the transfer of property between living persons.Transfer of Property Act, 1882 also serve as the code of contract law governing immovable property. The Transfer of Property Act, 1882 provides clarity on the subject: it is a systematic and uniform law on the transfer of immovable property in India.

The term 'Property' or the term ‘Transfer of Property’ are not defined in the Act. Though not defined, the word 'property' has been used in a broad sense throughout the Act. Every interest or right that has an economic value denotes property.