At common law, an agreement made by deed between two or more persons that one should not tender or should tender at an excessive price is valid and enforceable1. Such an agreement is not unlawful so as to give rise to a claim for conspiracy2. However, agreements between undertakings which may affect trade within the United Kingdom and have as their object or effect the prevention, restriction or distortion of competition within the United Kingdom are prohibited and void3. Similar principles apply to agreements between undertakings which may affect trade between member states of the European Union (EU)4.
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