The difference between left and right limits is defined by the direction from which x approaches a specific value c. The notation x->c^- indicates approaching c from the negative side, while x->c^+ indicates approaching from the positive side. For instance, as x approaches 0 from the right, the limit of 1/x tends to positive infinity, while from the left, it tends to negative infinity. In piecewise functions, the left and right limits can yield different results, as shown in the example where limits at x=2 differ based on the function's definition. A limit exists at a point if both one-sided limits exist and are equal, confirming the continuity of the function at that point.