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The name rule 11 agreement comes from Rule 11 in the Texas rules of civil procedure, which describes when an agreement between two lawyers or parties on opposite sides of a case is binding. For example, you and the other party may agree not to contest certain specific facts.
To that effect, a party can withdraw consent to the agreement by filing a pleading prior to rendition of judgment that revokes consent. A party can also file a motion opposing entry of judgment. A party can even stand in court before judgment is rendered and state: I revoke consent to the agreement.
Rule 11 allows lawyers, without the need for court intervention, to enter into agreements, memorialize them in writing, sign them, and then file them with the Court. Once those steps are met, the Rule 11 Agreement can be enforced by the Court if one party decides to stop living up to their end of the bargain.
To be enforceable, a Rule 11 Agreement must be in writing and signed by the parties themselves (or by the parties' lawyers). File the written document with the court. That way, a judge can see the agreement. The Rule 11 should be as detailed as possible.