A term used to tell someone that you made a mistake and apologize at the same time. Originally Used Mostly by African Americans but over the years it has become a more mainstream term; so it is not uncommon any more to hear anyone else (possibly in the professional world too) say it to admit to making a mistake.
Teacher: The answer to #1 is B (then he show his work)
Student: Sir I believe you are wrong. (student explains their answer)
Teacher: My Bad you were right and I was wrong, sorry for the misunderstanding
A grammatically incorrect way of acknowledging (facetiously) a wrongdoing.
Used very commonly by gangsta-wannabes and other sorts of conforming posers, the terrible grammar tends to drive literate people up the wall in absolute irritation.
A term currently used when a mistake is made on your part. Allegedly originating from an unamed African Basketball Player in the 1980's (who spoke very poor english)who said it after missing a free throw. Several Sportscasters heard the phrase and used it as a joke until it became a part of popular culture.