On the request of a good friend, I had given my vehicle (a truck) to a contractor without receiving any payment. The contractor mentioned he will pay the cost of the vehicle within 1 month. Trusting my good friend, I didn't get into a proper agreement with the contractor.
Even after 3 months, the contractor did not pay me the vehicle's amount. So I decided to make a proper agreement on a stamp paper. In the agreement, it was mentioned that the contractor will pay me within the next 3 months with interest. The contractor however refused to attach any property (which could have been claimed by me if he failed to pay). He has failed to keep his promise this time too and requested for more time.
My question is that "Is the agreement (without attaching a property) valid? Will the court accept such an agreement on a stamp paper?"
Please advice on what legal options are available to me.
I had secretly recorded the conversations I had with the contractor during the 2nd meeting where he agreed to pay me within 3 months with interest. Will this audio-recording be beneficial legally?. Please advice on this too.