I can't speak for everyone but if someone points out I said something incorrect, I generally respond well to it. Whether I am 100% sure about it or making assumptions, unless I have definitive evidence on hand to make a counterpoint, there's not really a good way to avoid making a fool of yourself other than just honestly listening to what the person has to say.

I may not agree with what they are saying but I might as well take it to heart and reconcile the difference between my and their points after the discussion. In practice I find that assuming Occam's razor works wonders in discussions. In these discussions one of us is wrong but very rarely is it malicious in intent and to be entirely honest, in a professional environment I would rather be wrong than those I am working with/over/under being wrong.

Note: I should clarify that I am by no means a paragon of virtue and open-mindedness and I don't mean to imply that in my post. I have struggled with getting caught up on certain ideas in the past and still struggle with it but I try my best to step back at each chance I get to think "Why do things not add up? What am I missing and why am I stupid for missing it?". It works surprisingly well at knocking the senses back into you.