The discussion clarifies the distinction between "theory" and "theorem," noting that theories pertain to the physical world while theorems are mathematically provable statements. A mathematical theory comprises a collection of related theorems and definitions, such as calculus or group theory. The conversation also addresses the terminology used in physics, where some theorems are referred to as laws, while similar concepts in mathematics are often called laws or principles, like the law of excluded middle or the law of large numbers. The naming conventions in mathematics are not fixed, leading to varying classifications of results, such as the difference between a lemma and a theorem. Ultimately, the discussion highlights the fluidity of terminology in both mathematics and physics.