Occasions: Styles with Names
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As I'm writing this, New Year's is approaching and so it seems fitting to stop my holiday revelry long enough to fill this hole in my manuscript. New Year's is perhaps the time when Americans get the most dressed up and when names like "Black Tie" and "Formal Wear" are thrown around. It is about these and other "Styles with Names" that I now wish to speak. Very little of my speech seems to go without disclaimer and this is no different: the definitions of these styles are not set in stone; acceptable variations abound, and I seek to convey what is usual and in some cases, unacceptable.

In order from the least formal to the greatest:

Casual
Casual means street clothes, wear whatever you want, no dress code, etc. If you're reading this to figure out what casual means, you have problems...
Business Casual
We've seen and heard a lot about business casual in the last ten years and it's now the norm of business attire in most locations and industries. When I think of Business Casual, I think of "golf clothes"—khakis, polo shirt, loafers, etc. Other popular items are "sport shirts," which are button-downs, usually in patterns and fabrics too informal to be called "dress shirts." Jackets can be worn in a Business Casual ensemble, but not required. Ties are never worn. Shoes should be a step above tennis shoes, but a notch below oxfords or tassel loafers.

All of this is pretty boring and most people don't look good in Business Casual. If you have a nicely sculpted upper body (defined chest, well-built arms, managed waistline), you'll probably look good in a polo shirt; but, if you're skinny (like me) or on the heavy side, it won't bring out the best. Business Casual rarely affords you the opportunity to use layers (ties, jackets, vests), and so fails to rise above "mediocre."

Semi-Formal
I'd say the realm of Semi-Formal begins when you put on a tie as well as a jacket. Ties only (without a jacket) might be Business Casual or some style without a name between BC and Semi-Formal. So, ties and jackets: that's sport coats (a.k.a, odd jackets) and suits. Popular Semi-Formal events would be dinner parties, after-hours office functions, weddings (where you are not in the wedding), dances which aren't "balls," etc.
Formal/Black Tie
If an invitation says "Black Tie" or "Formal," you need a tuxedo. Soon I'll write a section all about tuxedos, but until then, let me say this: tuxedos are black (or if you're really stylish, midnight blue), and we'll cover "dinner jackets" (white jackets) later. A tuxedo has satin lapels, as well as a satin stripe down the pant leg. Take careful note of this: tuxedos have few buttons. A traditional jacket has one, and a double-breasted tux (pretty rare) has two.
Cheaper, trendier jackets have many (greater than 1 or 2) buttons, but you should avoid them.

Like the name implies, a "black tie" should be worn: classically this is a bow tie (try to learn to tie it yourself), but more fashionable recently is a necktie. You have your choice of white shirts: wing collar (the one with the triangular tabs), point/straight collar, different size pleats, no pleats, etc. You should wear black studs, or really any color studs except white. You should also wear a vest or a cummerbund (remember: pleats on the cummerbund face upward [opera tickets go there]). Patent leather shoes would be nice as well.

A note about the "dinner jacket"—the white tuxedo coat worn with traditional black trousers. This is a great way to spice up an evening tuxedo during Summer or while in a tropical climate (pay attention to the emphasis). However, it's considered a little less formal than a black jacket, so keep that in mind.
White Tie
Finally, we come to the pinnacle of men's fashion: white tie also called "tails" or "full-dress." White tie is to be worn only on the most formal occasions and only in the evening. Most modern men will never wear tails unless they have a traditional evening wedding or play in a symphony.

Perhaps the most distinguishing elements are the tails—flaps of fabric hanging off the back of the jacket. Ties, as you guessed, must be white, and must be bow ties. A white vest and white studs must also be worn, and the tie, the shirt, and the vest must all be made from pique fabric, which is a fine textured weave. Here's an interesting article on full dress.

You really should avoid wearing white tie either before evening or to a black tie affair—it should be reserved for only the most formal occasions.
Astute readers have pointed out that these "Styles with Names" differ from other published lists, e.g. here and here. And of course, they're right: if you get out your Emily Post, you'll find a very formal and old set of styles, perhaps useful if you're a member of a rather upscale country club. However, I picked my styles and names based on what someone might see on an invitation, "in the wild." If you suspect your host is sartorially chic, you can consult one of the resources above, and good luck finding a "gray morning coat, ..., gray double-breasted vest, ..., pinned ascot, ..., [and] spats..." :)