What does no contest mean in law?

Answer:   It is a common english translation of "nolo contendre."

In criminal trials in some common law jurisdictions, a plea of "nolo contendere" means that the defendant neither admits nor disputes the charge, and is an alternative to pleading guilty or not guilty. This is also called a plea of no contest, stand mute, or, more informally, a "nolo" plea. "Nolo contendere" is Latin and literally means "I do not want to contend." While not technically a guilty plea, it is made as a part of plea bargains and has the same effect as a guilty plea.
You haven't admitted guilt, but concede there are sufficient facts that you will not be able to defend against.
A criminal defendant's plea that, while not admitting guilt, the defendant will not dispute the charge. • This plea is often preferable to a guilty plea, which can be used against the defendant in a later civil lawsuit. -- Also termed no-contest plea; nolo contendere; non vult contendere.

Black's Law Dictionary (8th ed. 2004)
That the litigating or prosecuting party's case is not contested and that the court will cede the decision to that party.
It is used in the criminal law and means that the defendant does not admit doing the crime but he will not contest it.
no contest
n. in criminal law, a defendant's plea in court that he/she will not contest the charge of a particular crime, also called nolo contendere. While technically not an admission of guilt for commission of the crime, the judge will treat a plea of "no contest" as such an admission and proceed to find the defendant guilty as charged. A "no contest" plea is often made in cases in which there is also a possible lawsuit for damages by a person injured by the criminal conduct (such as reckless driving, assault with a deadly weapon, aggravated assault), because it cannot be used in the civil lawsuit as an admission of fault. "No contest" is also used where there has been a "plea bargain" in which the defendant does not want to say he/she is guilty but accepts the sentence recommended by the prosecutor in exchange for not contesting the charge (which is often reduced to a lesser crime). It is standard practice for the judge to ask either the attorneys or the defendant, "Is there a factual basis for the plea?" before accepting it and finding the defendant guilty.
It means that your not pleading guilty to the charges against you, but are not going to admit to the crime, just accept the consequences.
No contest means nobody disagrees. The opposition will not fight back.
It means you will accept what ever punishment is doled out but you will not plead guilty to the charge(s).
this usually means I know your innocent but if you try to prove it I'm gonna break your bank... So people often plead no contest because they'd rather go home with a fine than spend the rest of their lives (behind bars) and money trying to prove yourself innocent.
It is like saying you are guilty without actually saying it...you are not contesting the charge but you are not admitting that you did it...its like a compromise.
It means that you are not admitting guilt, but have decided not to fight the allegations made against you. As a practical matter, it means you believe that the government has sufficient evidence to convict you and that you are seeking the court's mercy by not fighting over the issues. Therefore, you are willing to accept the sentence that the judge will give you, so long as it is not an illegal sentence. It has the further benefit of your plea not being admissible against you in a civil proceeding that arises out of the same factual scenario that resulted in the criminal case.

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