Rajiv Sharma, J.

This Regular Second Appeal has been instituted against judgment and decree dated 21.2.2005 rendered by learned Additional District Judge, Una, District Una, Himachal Pradesh in Civil Appeal No. 57/2003.

2. “Key facts" necessary for the adjudication of the present appeal are that respondent-plaintiff (hereinafter referred to as 'plaintiff' for convenience sake) filed a suit against the appellant-defendant (hereinafter referred to as 'defendant' for convenience sake) for recovery of Rs. 61,000/- with interest @ 12% per annum on the basis of an agreement dated 14.12.1997, Ext. PW-1/A. According to the plaintiff, he dealt in the business of sale and purchase of buffalos and cows. Defendant was employed in District Una. He was known to the plaintiff. Defendant approached the plaintiff on 14.12.1997. He intended to purchase 3 buffalos and one Jersey cow, price of which was settled at Rs. 65,000/-. Defendant paid Rs. 4,000/- to him towards earnest money. Remaining amount was to be paid by the defendant within a period of eight months without any interest. It was further stipulated that in case defendant fails to make payment within the time frame, plaintiff shall