The parametric form of a line means that for all real t, x and y lie on the line. It's the same as the equation form (y = mx + c) but the equation form is limited to non-vertical lines.
It's easy to derive a parametric form of a line: pick any point on the line p = (x0, y0), and take the line vector v = <a, b>, then the parametric form is
x = x0 + at
y = y0 + bt