I would expand it to say "Respect other's right to have a different opinion". Accept that, while you do not agree with them, you are not necessarily right, and they are not necessarily fools.

If you discuss where your opinions differ, accept that they are in good fath, but probably working from different beliefs. Discuss the point until you have discovered the underlying belief upon which you differ, then stop, because you are unlikely to change their beliefs nor they yours.

By not challenging the right of that person to have it. By not saying that their opinion is wrong even if we have a different one.

We can express ours, but opinions are a personal view, attitude, or appraisal, and therefore cannot be wrong, but can be different.

You may provide information to allow a person to re-evaluate their opinion, but becuase it is a representation of their personal view, we cannot say it's wrong because it is in fact an accurate portrayal of their view.

It means you could hold it in esteem or honor, accepting other people's opinions as being just as valid for them as yours are to you. It's a deference or courteous regard for other people's feelings. It means you will give consideration to hearing their opinion and not just brushing it off like it was worthless. It involves 'listening' to them and how they feel before you negate their opinions in any way.