Balakrishnan, J. - This appeal is directed the judgment and decree passed by the Additional Sub-Judge, Cochin in O.S. No. 38 of 1979. The plaintiff, Board of Trustees of the Cochin Port Trust, represented by its Chairman, filed suit for realisation of an amount of Rs. 46,343.23 with interest at the rate of 15% per year. The plaintiff on 12-11-1975 invited tenders for the sale of non-propelled floating crane. The defendant submitted his tender on 5-1-1976 by which he offered to purchase the crane for Rs. 1,71,000/-. He deposited Rs. 1,200/- as earnest money. The tender submitted by the defendant was accepted by the plaintiff and this was communicated to him by letter dated 24-2-1976 and he was requested to deposit the balance amount within 30 days of the receipt of the letter. The defendant did not respond to the letter of acceptance. The plaintiff, therefore, sent a letter to the defendant on 11-6-76 informing him that the earnest money would be forfeited and that the loss sustained would be recovered from him. The plaintiff sold the crane to one V. Veerappan of Madras for an amount of Rs. 1,23,456.77. Plaintiff sustained a loss of Rs. 47,543.23 Ps. After adjusting the ear