point — Wouters, Manual of Moral Theology

Point VI. On Settlement and Arbitration

957.

To aleatory contracts can in some way be reduced settlement and arbitration.

I. Settlement is a contract by which parties end a lawsuit that has arisen, or forestall one that is imminent, by cession, promise, or retention of some thing. Its form is determined by civil law.

958.

II. Arbitration is a contract by which parties agree that a lawsuit that has arisen or is imminent be ended through arbitrators. Its form is to be considered in civil law.