  The differential cross section and some polarization observables have been
calculated for the $e^+\,e^-\to \gamma\,\gamma$ reaction taking into account
the contribution of the heavy excited electron and the general form
$e\,e\,\gamma\,\gamma$ contact interaction. The spin correlation coefficients
are calculated for the case when both beams have arbitrary polarization. The so
called left-right asymmetry is estimated if only one beam is polarized.
Numerical estimations are given for the excited electron contribution to the
differential cross section and spin correlation coefficients for various values
of the electron beam energy and excited electron mass.
