You must drink the corresponding amount of beer after losing a life, so 1/4 life means you drink a quarter of your beer before you shoot again, & 2/4 means half a beer. A made cup costs 2/4 life, and a ball that hits the lip of a cup and then the ground costs 1/4 life.
In corners, there is no physical representation of a player's lifeline, such as a 6-cup rack in Beer Pong, rather each player has 4 quarters of a life, and loses them until reaching 0, when they can no longer shoot (but can rebound for their partner!). That being said, it's also a great game of skill, as the one cup per corner means a lot less 'lucky bounces', and rebounding shots adds another element of skill. Corners is a fun, fast-paced ball and cup drinking game that's a viable option when many people want to play, as games can end in as few as 4 shots.