What do you mean when you say.....?

Question

"i stand corrected"

10 points for best explanation

Answer 1

I was wrong, you were right.

Answer 2

your accepting that you were wrong and that another person corrected you

Answer 3

It means you acknowledge that you were wrong, and the other person is right.  

Answer 4

I would use it when I'm explaining something, and think I have it in the bag, then someone else gives a better explanation, as well as it being right.

Answer 5

It's a figure of speech.  It means I accept the correction you have made to my statement.

Answer 6

You are saying:

You have made a statement in public that was not entirely based on fact (maybe your feelings); someone has counteracted your statement and YOU ARE AGREEING IN PUBLIC their counter statement is true.