Where parties negotiate a commercial lease and one party accepts a proposal containing all essential terms, a concluded and binding agreement may be formed notwithstanding that formal lease documents are contemplated but not yet prepared or executed. Evidence of uncommunicated subjective intention is irrelevant to the objective assessment of whether the parties intended to be immediately bound. A contract formed by exchange of emails constitutes an 'instrument' capable of rectification for unilateral mistake where the non-mistaken party knowingly took advantage of the error.
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