Conceptually, what is the difference between early-binding and late-binding?

Purpose:

• This indicates whether a developer has a rudimentary understanding of compiler behavior. A lack of understanding may indicate a lack of in depth understanding of how the framework behaves under the covers. 

Potential Answer:
Early-binding is a static bind that is validated by the compiler at compile time.
Late-binding is a dynamic bind that is validate at runtime for the context.