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1.
To admit that someone or something else is right.

To acknowledge being wrong.
Joe conceded that Jan was right about how to fix the car.
by Eric Henry September 28, 2005
 
2.
To yield or suffer; to surrender; to grant; as, to concede the bet so as to not be in the running to win anymore.
Even though Mark ended up in first place by the end of the tournament he still lost the bet because he chose to concede when Memphis lost.
by League President March 30, 2009
 
3.
What John Kerry did on Nov 3rd, 2004.
"You'll never guess who conceded."
"Why, Kerry, WHY?!"
by sandra November 03, 2004