Continuity mistake: In the scene where the Professor and Sara are fighting the bad guys, Will Wheaton's character throws an ashtray at the Professor. Before the ashtray gets to him he sprays his rear end with the liquid flubber from the squirt gun. When he does this he sprays his jacket which at that time is covering his rear. When he jumps and hits the ashtray the ashtray does not hit his jacket but hits his pants. According to the movie flubber in any form needs to come into contact with the object to bounce back.
Factual error: In the scene where the Professor Phillip first sees his creation (Flubber), he states that Flubber is 77 degrees Kelvin. Theoretically speaking, 77 degrees Kelvin is extremely cold, about -195 degrees Celsius (or -320 degrees Fahrenheit). The professor was handling Flubber with his bare hand at one point so he should've acquired one heck of a cold burn.