The discussion clarifies that the distinction between physical laws and theories is primarily historical and terminological rather than substantive. Laws are often older concepts that have undergone extensive testing, while theories may encompass broader models and assumptions with varying degrees of validation. The term "law" is frequently associated with pre-19th century physics, and its application can sometimes be misleading, as some laws are merely approximations. Overall, both terms refer to scientific principles, with the main difference being the context and historical usage rather than a clear-cut scientific separation. The conversation emphasizes that the significance of these terms is largely based on tradition rather than a strict scientific criterion.