Does a person have to abide by a verbal agreement
I am prohibited from giving legal advice. The answer will depend on all the facts and circumstances involved. If the terms were accepted and consideration, such as a dismissal of the lawsuit, was given in return, a valid contract may have been formed. An oral contract
may be enforced in the same way a written contract is, the difference is a matter of evidence available to prove the terms of the contract if there is a dispute. A contract that transfers land must be put in writing to satisfy the statute of frauds, but the agreement may have
been short of a transfer, and merely an agreement to transfer the property.
If it was put on the record and approved by the court, it is enforceable as a judgment. If it's not enforceable as a contract or a judgment, then it may have merely been an offer which is still subject to not being accepted and may be rejected or renegotiated.