1. It is required that the subject matter of the settlement be something in respect of which a consideration may lawfully be taken in exchange. 2. It is required that both the subject matter of the settlement and the consideration thereof be known. 3. If the consideration for the settlement is a specific thing or a usufruct owned by a third party, the effectiveness of the settlement depends on the ratification of that third party.
Interpretation and application must be checked against the official text and current version.