```python
def apply_overrides(base: dict, overrides: list) -> dict:
    if not isinstance(overrides, list):
        raise ValueError("Overrides must be a list")
    
    merged = base.copy()
    for override in overrides:
        if not isinstance(override, str):
            raise ValueError("Each override must be a string")
        
        parts = override.split('=', 1)
        if len(parts) != 2 or not parts[0]:
            raise ValueError("Invalid override format: " + override)
        
        name, value = parts
        if name not in base:
            raise ValueError(f"Setting '{name}' not found in base")
        
        merged[name] = value
    
    return merged
```