The Schema Browser Data Grid show the correct dates and date formats as shown in the Data Grid options. However, when the cursor is placed inside one of these date fields, Toad changes the date format to a different format. In this case, MM/DD/YYYY changes to DD/MM/YYYY and hence the date values are also change as month is replaced with days and vice verse.
Control Panel | Regional and Languages | Customize | Date tab | Short Date Format shows as "MM/dd/yyyy".
Dates cannot be changed via Data Grid. Changing Toad Data Grid options does make a difference.
1. Open Control Panel | Regional and Languages | Customize | Date tab and hit OK without making any changes to exit these windows.
2. Refresh Schema Browser
Waiting for fix to be released in a future version of Toad for Oracle.