Assertion : Coacervates are believed to be the precursors of life. Reason : Coacervates were self-duplicating aggregates of proteins surrounded by lipid molecules.

Step-by-step solution

Oparin and Sydney Fox held that large organic molecules synthesised abiotically on primitive earth and formed large colloidal aggregates due to intermolecular attraction. These colloidal particles were called coacervates. In coacervates, lipid molecules are joined end to end forming a layer around each aggregate. This represents a single lipid membrane. Coacervates divide by budding like bacteria.