Can an oral out-of-court settlement agreement be enforceable?

[233 Cal.App.3d 1682] In Leonard v. Rose (1967) 65 Cal.2d 589, 55 Cal.Rptr. 916, 422 P.2d 604, the parties entered into an oral out-of-court settlement agreement in which defendants agreed to pay an individual a specified monthly sum for the rest of the individual's life in return for the dismissal of a lawsuit. The court held that "for the balance of his or her life" meant that the agreement could possibly be performed within one year and thus did not come within the purview of the statute of frauds. The oral settlement agreement was found to be enforceable. (Id. at 592, 55 Cal.Rptr. 916, 422 P.2d 604.)