What does "I stand corrected" mean?

What does it mean when someone say “I stand corrected” in response to other pointing out error that they think former made?

Hi Bulone,

‘I stand corrected’ is a very formal way of saying: I accept that I am wrong and I apologise. This could be a remark made by someone when for example they have insisted that the meaning of a certain word is *** and then someone has checked in the dictionary and shown that this isn’t the case.

Alan

That explain a lot. Thanks alex. :slight_smile: