Cork taint
Cork taint is the fault that occurs when a wine tastes and smells of wet cardboard, a damp cellar, a musty cloth or mouldy wood. The name comes from the fact that the fault most often originates in the natural cork, but in principle it can also come from other parts of the process. It is caused by a particular type of unwanted aroma compound that, even in very small amounts, can settle like a veil over the wine's fruit and freshness. You will find analytical methods developed specifically to detect cork taint, because the fault is so hard to spot with the naked eye.
The important thing for you as a drinker is that cork taint has nothing to do with the taste or quality in the bottle, but with a contamination that happened along the way. A wine with cork taint becomes muted and dull, and the aromas you should have enjoyed disappear or are masked. In mild cases you simply notice that the wine seems flat and closed, while in clear cases it smells unmistakably of a musty cellar.
A widespread misunderstanding is that small pieces of cork in your glass mean the wine is corked. They do not. Loose bits of cork are harmless and can simply be fished out. Cork taint is an aroma, not a piece of material, and it does not disappear by decanting the wine.