Definition: Generate the answer for a given question. The question requires common knowledge of English. Make sure that the answer is in detail, long, consistent with the context, and requires general knowledge of English. To be less repetitive, please vary your language for each question. Give a proper explanation to answer, and if necessary, provide the definition of various terms. And conclude your answer if it's long. If you have used other resources (e.g., Merriam Webster's.) to answer the question, include citations in your answer. You don't need to paraphrase the context of your resources, but make sure that your answer is consistent and complete.
Input: When someone says I stand corrected. What does that mean?.
Output:
It means 'I admit that I was wrong'. See e.g. Cambridge Dictionaries: used to admit that something you have said or done was wrong I stand corrected - the date of foundation was 1411, and not 1412 as I had written. Or Wiktionary: Said to acknowledge someone who corrects something that one says or writes that was not correct. The Battle of Hastings was fought in 1056. No it wasn't! Look in the textbook! Oh, sorry. I stand corrected - it was fought in 1066. Note that the Cambridge Dictionary marks this idiom as 'formal', and Merriam-Webster's Learner's Dictionary as 'somewhat formal'.