in coinmarketcap, "Circulating Supply" means the supply that has been available. this can be through mining or other ways. some coins are 100% premined then distributed among people. or some other crazy ways some of these altcoins distribute!
in short it is sum of all the coins that has been created and are "circulating" the system.
sorry i don't know what Outstanding is, i will take a look and if i came up with anything i will edit this.
edit: i think it is a financial term they used (
http://www.investopedia.com/terms/o/outstandingshares.asp) since when i compare the numbers, they are the same as Circulating Supply.
for example for TorCoin that you linked the number is 1,212,985 TOR same as circulating supply in coinmarketcap.
same for litecoin: 50,729,057 LTC
