Ferric refers to iron-containing materials or compounds. In chemistry the term is reserved for iron with an oxidation number of +3, also denoted iron(III) or Fe3+. On the other hand, ferrous refers to iron with oxidation number of +2, denoted iron(II) or Fe2+. Iron(III) is usually the most stable form of iron in air, as illustrated by the pervasiveness of rust, an insoluble iron(III)-containing material.
Read more about Ferric: Ferric Iron and Life, Hydrolysis of Iron(III) and Rust, Inorganic Chemistry, Biochemistry, Etymology