Retraction Legal Meaning and Definition

Here is a simplified definition of the legal term Retraction.

Retraction (noun)

1. The act of taking back, cancelling, or reversing a previous action, statement, or claim, often to restore the initial situation. This term can apply to various legal contexts, such as:
   • Withdrawing a lawsuit or legal proceedings.
   • Correcting or withdrawing a previous incorrect statement.
   • Rescinding a claim that was originally put forward.

For example, in a legal suit, a plaintiff may decide to retract their claim, effectively ending the lawsuit.