Any settlement (in or out of court) between a consumer and developer or other person who is liable for breach of a warranty established by this Article 5 is voidable by the consumer unless first approved in writing acknowledged by the consumer and signed by either the Attorney General or an attorney representing the consumer. Any such settlement must include the satisfactory correction of all known defects, or if a defect is not correctable, shall provide for full compensation for the consumer’s damages. The settlement shall apply only to known existing defects and may not contain a waiver of rights as to other defects not then existing or known to the consumer, nor shall it excuse any person liable hereunder from once again being responsible for correcting the same defect if the defect is not cured and remanifests itself.