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retraction

n. 1) to withdraw any legal document in a lawsuit or other legal proceeding, or withdraw a promise or offer of contract. 2) in defamation, particularly libel, the correction of any untruth published in a newspaper or magazine or broadcast on radio or television, usually upon the demand of the person about whom the damaging false statement was made. A clear and complete retraction will usually end the right of the defamed party to go forward with a lawsuit for damages for libel. In most states a retraction must be demanded before the suit is filed in order to cure the problem without litigation.

See also: defamation  libel 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications