"Loft" is the angle of the golf club's face relative to the club's shaft, while "lie" is the angle at which the head attaches to the shaft. Volume is a measure of how much material is used in the club's head, and length measures the size of the club's shaft.
Loft is one of the most important specifications of all golf clubs, other than putters, and any loft angle is undesirable. The loft of a club impacts the angle at which the golf ball travels in the air after the golfer strikes it. Lower angles correspond to flatter trajectories, while higher angles result in steeper arcs of travel.
Other than the putter, the golf club with the lowest loft is the driver, sometimes also called the 1-wood. When woods were still manufactured from actual wood, most drivers were relatively small and featured low loft angles. With the advent of composite materials, modern drivers are much larger and higher-lofted than their ancestors. While traditional loft angles rarely exceed 10 degrees, modern drivers frequently have lofts of 12 degrees, sometimes even higher.
Lie only has an impact on a golfer's stroke relative to that golfer's height. Golfers of average height typically use clubs with standard lie angles. Taller golfers require clubs with a more upright lie to prevent inaccurate strikes. Shorter golfers usually require clubs with a flatter lie angle to avoid creating large divots or losing stroke power.