The phrase ‘I stand corrected’ is commonly used to acknowledge a mistake or a misunderstanding that one has made. When someone says this, they are admitting that the information they previously held was incorrect and they accept the correction provided by another person.
For example, if someone asserts a fact and another person points out the error, the first individual might respond with ‘I stand corrected’ to show that they recognize the validity of the correction. This expression demonstrates humility and a willingness to learn from one’s mistakes.