A Miss is a battle event that results in no damage being done to the target. A Miss nullifies any chance of these events:
After a miss, the attacker's Weapon Cooldown is reduced by his Hit Chance. For example, if a player has a Weapon Cooldown of 10 seconds and a Hit Chance of +10, he will be able to fire his weapon again only 9 seconds later.
The likelihood of a Miss is a function of the Attacker's Hit Chance and the Target's Evasion.