In order to have a valid contract, there must be offer, acceptance and consideration. Consideration is something of economic value which is why often you see companies being purchased for £1.00. If no money was paid, it could be argued there was no contract which is why a nominal price is paid to cover consideration. Of course, a guarantor pays no money to the landlord for the privilege of being a guarantor and the landlord is offering no service or product to the guarantor, therefore there can be no contract.
- Right to Rent From 1 July 2021 24/06/2021
- Online Tenant Application Form Launched 23/06/2021
- Tax Review Calls For More Time To Pay CGT 21/06/2021
- Fire Safety Act 2021 Passed 18/06/2021
- Right to Rent Lockdown Rules Extended Until 31 August 2021 18/06/2021