The document discusses the differences between "could have" and "should have." "Could have" expresses hypothetical past options or suggestions after an event, while "should have" expresses advice or the best option based on consideration of alternatives. The document uses the sinking of the Titanic as an example, listing things that passengers, owners, and crew "could have" done differently as well as what they "should have" done in hindsight. It also discusses how the third conditional is used to talk about impossible past conditions and results, using the past perfect tense for the condition and "would have" for the impossible result.