(1) "Compromise" means an agreement to allow judgment to be given for a sum or value specified.
(2) "Employer" includes any agent or representative of an employer.
(3) "Release" means an agreement to abandon a claim or right to the person against whom the claim exists.
(4) "Settlement" means an agreement to accept as full and complete compensation for a claim a sum or value specified. [1975 c.512 §1; 1979 c.284 §49]