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.
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