We have measured the total and differential cross sections of the reaction e + e − → γγ ( γ ) at center-of-mass energies around 91 GeV, with an integrated luminosity of 14.2 pb −1 . The results are in good agreement with QED predictions. We set lower limits, at 95% confidence level, on the QED cutoff parameters of Λ + > 139 GeV, Λ − > 108 GeV and on the mass of an excited electron of m e∗ > 127 GeV . We searched for Z 0 rare decays with photonic signitures in the final state. Upper limits, at 95% confidence level, for branching ratio of Z 0 decaying into π 0 γ / γγ , νγ and γγγ are 1.2 × 10 −4 , 1.8 × 10 −4 , 3.3 × 10 −5 respectively.