G.R. No. 161003. May 6, 2005 458 SCRA 184 FELIPE O. MAGBANUA , CARLOS DE LA CRUZ, REMY ARNAIZ, BILLY ARNAIZ, ROLLY ARNAIZ, DOMINGO SALARDA, JULIO CAHILIG and NICANOR LABUEN, petitioners, vs. RIZALINO UY, respondent. Ponente : PANGANIBAN, J.: Rights may be waived through a compromise agreement, notwithstanding a final judgment that has already settled the rights of the contracting parties. To be binding, the compromise must be shown to have been voluntarily, freely and intelligently executed by the parties, who had full knowledge of the judgment. Furthermore, it must not be contrary to law, morals, good customs and public policy. Doctrines: A compromise agreement is a contract whereby the parties make reciprocal concessions in order to resolve their differences and thus avoid or put an end to a lawsuit; A compromise may be either extrajudicial or judicial; To have the force of law between the parties, it must comply with the requisites and principles of contracts....
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