Answer:
A tall tale is an exaggerated mega loquacious narration about an event and often ridicules the narrator instead of the esteem expected or hoped by the narrator.
A folk tale is a story that comes from oral tradition and has interesting anecdotes or a universal themes of adventure or moral values.
A tall tale can be created on the spur of the moment or added to an earlier fact by the narrator except that it can be total false or distorted and magnified to gain popularity,pride or esteem and satisfaction of having convinced the listener/listeners that it is true.The objective in a tall tale is not to instruct anything, but just to narrate a hyped story with a straight face and try to convince it to be true.
A folk tale, on the other hand, is a story could have its origin in a tall tale to become popular and handed down in a cultural tradition in any community.