Any such agreement or compromise entered into without leave of the court so recorded shall be voidable against all parties other than the minor. In order that a compromise in which a minor is a party may be valid, the following are the requirements which must be followed: 1. The next friend or guardian ad litem must apply to the court for leave to enter into the proposed compromise setting forth the terms of the compromise; 2. Granting of leave by the court to compromise by exercising a judicial discretion as to the propriety of the proposed compromise in the ‘interest of the minor; 3. The consent of the next friend or guardian to the proposed compromise after the leave is granted. (b) There is no appeal from a consent decree.
[S. 96 (3)]. (c) The minor can have it set aside in a regular suit by alleging fraud or concealment of material facts or by alleging that the compromise was entered into and sanctioned under a misapprehension of material facts.