Happiest reunion out of school ends in commemoration (7)
I believe the answer is:
epitaph
'commemoration' is the definition.
(epitaph is a kind of commemoration)
I can't explain the rest of the clue.
Can you help me to learn more?
(Other definitions for epitaph that I've seen before include "Grave words" , "Words carved on a gravestone" , "Grave message" , "Words on the defunct" , "Tombstone inscription" .)