The overlap area is called "Maybe." Or refers to unprovable matters or matters of opinion, where they can be some truth to multiple viewpoints. Or, alternatively, I'm overanalyzing it and it is, in fact, absurd.
It is absurd. True and false are diametrically opposite.
Items that cannot be proved true or false do exist in one of the circles, we just don't know which one. To show that they exist in both is, as Nathan states, absurd.
This is, by the way, a negation of a theorem of standard propositional logic (it is never the case that p and ~p) and as such is, in fact, flatly absurd.
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