everyone above is right. But if your like me, links suck and articles are boring.
The single factor theory is that some "gas tank" is depleted with a workout and filled with recovery. Everything is planned and timed around that single factor. Old HIT theories are the epitome of this kind of theory in practice.
The dual factor is that a positive force, called "fitness", is held in different amounts by different people. This positive force accounts for enhanced performance (more strength, more endurance, more intelligence, more won games, whatever the case may be). The amounts of "fitness" you have can be increased by training, nutrition, supplements etc. A negative force, called "fatigue", lowers performance. More fatigue accumulates by illness, emotional stress, physical overload, depression and lack of motivation, poor focus, etc.
Your performance is determined by fitness minus fatigue.
A single workout improves fitness but increases fatigue too. So designing workouts involves balancing the plus and the minus in a variety of ways.
The easiest way to see a difference is the weeks before a powerlifting meet.
A single factor coach will have a single brutal workout two weeks before the meet, then a long recovery to "fill the tank", so it is a little over-full on meet day.
A dual factor coach will have several very tiny daily workouts right up to a few days before the meet. This is done to increase fitness without much fatigue, then rest a few days to eradicate any trace fatigue.
Hope this helps!