Ultimate is the name of the sport. You may also hear it called Ultimate Frisbee or flatball
The disc is often called a Frisbee, but the official term is a disc.
Laying out is when a player dives to catch the disc. It looks epic and is fun. Layout or stay out.
When someone says "the greatest" it refers to a play in which an offensive player jumps out of bounds with out touching the ground and tosses the disc back in bounds before it touches the ground for a teammate to catch. The most epic play in Ultimate.
One of the two main offensive positions in ultimate. The handler is the player who is the best thrower and throws the disc the most
The other main offensive position. The cutters cut around the field and try to get open for the handler to pass to
The mark is the player who is guarding the player with the disc. Holding a tight mark is when the mark does very well and doesn't allow the handler to throw the disc.
Another very difficult play in ultimate. It is when a defending player intercepts a disc inside the end zone, scoring for his team.
When a player commits a foul, another player on the opposing team can call "contest" to expose that foul.
An essential part to any zone defense. It is when you have multiple defenders on the handler, making it very hard to throw.