Last Stand is a badge that drops the damage Mario receives by ½ when he is in Danger. It won't make a hit free.

In Paper Mario, it is found in Peach's Castle.

In Paper Mario: The Thousand-Year Door, it is found in Glitzville and can be purchased at the Lovely Howz of Badges for 50 coins. It uses 1 BP.

Last stand

In Paper Mario