Basics

              

The picture on the left has been underexposed, resulting in poor contrast.  The brightness in the foreground is a result of the printer trying to get a picture out of a badly unexposed shot.  The picture on the right has been overexposed, notice the lack of contrast visible in the top left of the picture where too much light has been allowed in to the camera and the negative has become nearly opaque.  It is still possible to develop a good picture from overexposed negatives but not from underexposed negatives, as the detail has not been exposed onto the film to begin with.