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Yes it is a contract. This is because it has all the elements of a contract. An offer from one party to settle the case for a certain amount of money and an acceptance of that offer. Both parties are competent to make the contract and there is a full meeting of the minds in a case like that. The settlement will call for payment within a certain period of time and if it is not made then, the person receiving the money has the right to declare a breach of the contract and either ask the court to reinstate the case or compel payment.

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Q: Is a Settlement Agreement and Mutual Release of All Claims a contract?
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