What does "I stand corrected" mean?

[Bulone]

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

[Alan]

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
_________________
English as a Second Language
You can read my ESL story Present Simple

[Bulone]

That explain a lot. Thanks alex. :)