Highlights

Areas of a photo where information is lost due to extreme brightness are described as having "blown-out highlights" or "flared highlights".

In digital images this information loss is often irreversible, though small problems can be made less noticeable using photo manipulation software. Recording to RAW format can ameliorate this problem to some degree, as can using a digital camera with a better sensor.

Film can often have areas of extreme overexposure but still record detail in those areas. This information is usually somewhat recoverable when printing or transferring to digital.

A loss of highlights in a photograph is usually undesirable, but in some cases can be considered to "enhance" appeal. Examples include black-and-white photography and portraits with an out-of-focus background.

Example image exhibiting blown-out highlights.
Top: original image,
Bottom: blown-out areas marked red

Black

Areas of a photo where information is lost due to extreme darkness are described as "crushed blacks". Digital capture tends to be more tolerant of underexposure, allowing better recovery of shadow detail, than same-ISO negative print film.

Crushed blacks cause loss of detail, but can be used for artistic effect.