Disc Golf Misprints are discs that have not been properly stamped. During the hot stamping process, errors can be made, resulting in misprinted discs. These are sold at a lesser price since the artwork is not perfect.
Disc Golf Factory Seconds (or X-outs) are discs that have very minor issues in the molding process, such as colorant issues or tiny flakes of burned plastic showing in the disc. These issues do not effect the flight of the disc, but the discs are sold cheaper, making Factory Seconds a cheaper alternative to full priced discs.