This article is from the Magic: The Gathering Rules FAQ, by Patrik Linell (pls@claymore.nu) with numerous contributions by others.
It's what happens to a spell that tries to resolve and cannot for
some reason. Usually, this is because a target has gone illegal between
announcement and resolution. The old term for this is "fizzle", but it is
no longer in use. Also note that "countered upon resolution" does mean
countering, and Multani's Presence will trigger off it.
 
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