Short answers, pulled from the story.
The Franco-Italian Agreement of 1935 was a treaty signed between France and Italy on the 7th of January 1935. It involved territorial concessions from France to Italy including the Aouzou Strip and land south of Eritrean Rahayta.
French Foreign Minister Pierre Laval negotiated the agreement with Italian Prime Minister Benito Mussolini in Rome. Laval traveled to Rome on the 4th of January 1935 to meet Mussolini directly after becoming Foreign Minister following Louis Barthou's death.
The French Parliament confirmed the agreements through a law passed on the 26th of March 1935. Both nations legislative bodies ratified the 1935 agreement with their respective votes but instruments of ratification were never exchanged.
The agreement failed because Italy failed to provide the backing France needed to contain Hitler's expansion. Mussolini pursued his own imperial goals rather than supporting French security interests which contributed to the broader breakdown of European stability before World War II.
France transferred the village of Aozou and surrounding Aouzou Strip from Chad to Italian Libya. The treaty also ceded a small territory south of Eritrean Rahayta to Italian Eritrea and shifted the northern border of French Somaliland south of the Straits of Bab-el-Mandeb.