Settlement contract law
Settlement agreement. In civil litigation, an agreement to settle a dispute or provide a release or waiver of claims (see Practice note, Settlement: an overview and Standard document, Settlement agreement and release: civil litigation). Once the parties reach a settlement agreement, it becomes a binding contract, which can only be rescinded for limited reasons, such as fraud by one of the parties. However, a settlement offer is just that -- an offer. An offer does not become a binding contract until the other side accepts it. SETTLEMENT, contracts. The conveyance of an estate, for the benefit of some person or persons. 2. It is usually made on the prospect of marriage for the benefit of the married pair, or one of them, or for the benefit of some other persons, as their children.