What is the test for having a binding settlement?

British Columbia, Canada

The following excerpt is from Simoran Enterprises Ltd. v. Global Dental Direct Inc., 2017 BCCA 458 (CanLII):

At the conclusion of the hearing, the chambers judge held that the parties had reached a binding settlement. She expressed her conclusion in summary form, referring to Trieu v. Diep, 2015 BCSC 950, for the proposition that a settlement can be reached even though the formal documents evincing its terms have not been finalized.

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