Factual error: The guys are walking down Sunset Bl and behind them is a liquor store with the phone number on the sign. The phone number begins with 323, an area code which came into being in the late 90s.
Continuity mistake: Russell Crowe is dunked head and torso in a pool, immediately gives chase to Blueface, but he's basically dry when reaches Holly. Later in the movie it's even worse, since Ryan Gosling has a near-death experience falling in a pool, but he runs as normal, only slightly moist in the hair (and even pulls out a cigarette and lights it later by the time the cops arrive).
Other mistake: Misty's car at the beginning of the movie crashes into the house presumably breaking through the perimeter wall, certainly does smash through interior walls and furniture, but in the living room it still has every single light, including the side ones, completely whole and undamaged.
Factual error: The movie takes place in 1977. When the two leads arrive at the party, they are playing the Earth, Wind, and Fire song, "September" which was not even written until 1978. Also, just before they arrive, the soundtrack is playing "Boogie Wonderland," another Earth, Wind, and Fire song that also was not written until March 1978. (The band members at the party look like they are supposed to be Earth, Wind, and Fire themselves.) Later on, the soundtrack plays the Rupert Holmes song, "Escape (Pina Colada). That was not released until 1979.
Factual error: Near the end, there's a scene where they are sitting in their car, and behind them is a late 80's early 90's GMC van (black).