From other conversations, it will usually concede a mistake when prompted for that (even if didn’t actually make a mistake!) and explain a correction, but it will usually still be incoherent and inconsistent.

ChatGPT is really just generating text that looks plausible in the context of the conversation, but it has a very incomplete grasp of its meaning.

PS: See https://news.ycombinator.com/item?id=33860617 for a longer conversation.