On a man's typical suit jacket, a notch, shawl, or peak is located on the lapel. There are three common types of lapels:

Notch Lapel: The top of the lapel and the bottom of the collar meets in a notch. This is the most common type of lapel and suits a single breasted jacket.

Peak Lapel: These lapels have strong edges pointed towards the shoulders. A peak lapel is more formal and always found on double breasted jackets.

Shawl Lapel: With this type of lapel, the collar has a continuous curve without a break like the peak or notch lapel. These are seen only on tuxedos and worn at exclusive events like a black-tie night.

More Info: en.wikipedia.org