Source : Webster's Revised Unabridged Dictionary (1913)

Laterite \Lat"er*ite\, n. [L. later brick, tile: cf. F.
   lat['e]rite.] (Geol.)
   An argillaceous sandstone, of a red color, and much seamed;
   -- found in India.

Source : WordNet®

laterite
     n : a red soil produced by rock decay; contains insoluble
         deposits of ferric and aluminum oxides