Each item has a name, a type, a size, and a color (other information can be discovered as technology advances [yes, you can advance technology!] or you research it).
Name and Color
The name consists of the source name and the part that the object came from. Pretty simple, right? The color is just a set of numbers that describe the hue of an object, classified as red, green, and blue (you can have any two or all three on an object).
Type and Size
The type has many classifications based on what part it is. Among the types are...
Each has its own purpose for one or many jobs. Size is just that: the size of an item. It's mostly just used for crafting purposes
Quality affects how potent an item's effects are. For example, better quality weapons would have higher durability and a more powerful edge. Higher quality armor would be uniformly defensive and able to take more beatings. Higher quality poisons would have fewer antidotes and a faster kill time.