A retraxit differs from a dismissal or discontinuance in that a retraxit is the open, public, and voluntary renunciation by the plaintiff in open court of his action or cause of action. It is positive and conclusive of the plaintiffs right of action. Where a retraxit is entered by the plaintiff and a judgment is entered thereon by the defendant, the plaintiffs right of action shall be forever gone. A dismissal or discontinuance is negative, and the plaintiff may recommence his action on the payment
of costs.