Definition
To acknowledge, after someone else's correction of a statement one made, that this statement was indeed incorrect and that this correction is justified.
See Also
- touché
How People Actually Use It
Synonym to forfeit an argument, surrender. Basically people say it when they get fucked so badly in an argument they can't even come back from it.
"Barry: "Hey Jerry COUNTERARGUMENT THATS REALLY GOOD" Jerry: "I stand corrected""
Source: Urban Dictionary