This term is usually used in conjection with the name of a know it all friend. These "facts" are typically things that the other
individual has decided on their own as the way something works and assumes is too
complicated of a thing for most people to know how it actually works, so what the
individual has come up with is then stated as a fact. The recipient of the fact is usually well aware that it is complete bullshit. Thus when the recipient of the fact restates it to a fiend it is quoted as a (insert generic friends name here) "fact"