Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    A settlement by agreement of matters in dispute.

  • Black's Law Dictionary: 2nd Edition

    An arrangement arrived at, either in court or out of court, for settling a dispute upon what appears to the parties to be equitable terms, having regard to the uncertainty they are In regarding the facts or the law and the facts together. Colburn v. Groton, 66 N. H. 151, 28 Atl. 95, 22 L. R. A. 763; Treitschke v. Grain Co., 10 Neb. 358, 6 N. W. 427; Attrill v. Patterson, 58 Md. 226; Bank v. McGeoch, 92 Wis. 286, 66 N. W. 606; Rivers v. Blom, 163 Mo. 442, 63 S. W. 812. An agreement between two or more persons, who, for preventing or putting an end to a lawsuit, adjust their difficulties by mutual consent in the manner which they agree on, and which every one of them prefers to the hope of gaining, balanced by the danger of losing. Sharp v. Knox, 4 La. 456. In the civil law. An agreement whereby two or more persons mutually bind themselves to refer their legal dispute to the decision of a designated third person, who is termed "umpire" or "arbitrator." Dig. 4, 8; Mackeld. Rom. Law, ยง 471. Compromissarii sunt jndices. JeniL Cent. 128. Arbitrators are judges.