Instead of \quad, use \hspace{\fill}:
\documentclass[english,nohyper]{tufte-handout}
\usepackage{amsthm}
\usepackage{amsmath}
\usepackage{enumitem} % customizable list environments
\newtheorem{thm}{\protect\theoremname}
\usepackage{framed} %creates gray box around environment
\definecolor{shadecolor}{RGB}{236,236,236}
\providecommand{\theoremname}{Theorem}
\begin{document}
\begin{snugshade}
\begin{thm}
let so and so be, then:
\begin{enumerate}[labelindent=0pt,leftmargin=*,widest= a,label=\textup{\textbf{(\alph*)}}]
\item $A+B=B+A \hspace{\fill}\text{commutativity}$
\item $A+\left(B+C\right)=\left(A+B\right)+C \hspace{\fill}\text{associativity}$
\item $O+A=A+O=A \hspace{\fill}\text{identity}$
\item $A+\left(-A\right)=O\hspace{\fill}\text{inverse}$
\end{enumerate}
\end{thm}
\end{snugshade}
\end{document}

Update As suggested by Chris (cmhughes), you can use elegant mdframed package for putting frames etc, and it is highly customizable.. Check out the mdframed manual and some examples by running texdoc mdframed from command prompt. Here is a minimal example using mdframed:
\documentclass[english,nohyper]{tufte-handout}
\usepackage{amsthm}
\usepackage{amsmath}
\usepackage{enumitem} % customizable list environments
\newtheorem{thm}{\protect\theoremname}
\usepackage[framemethod=default]{mdframed}
\usepackage{framed} % responsible for creating gray box around environment
\definecolor{shadecolor}{RGB}{236,236,236}
\providecommand{\theoremname}{Theorem}
\mdfdefinestyle{theoremstyle}{%
linecolor=red,linewidth=.5pt,%
frametitlerule=true,%
frametitlebackgroundcolor=gray!30,
backgroundcolor=gray!10,
innertopmargin=\topskip,
}
\newenvironment{mdthm}
{\begin{mdframed}[style=theoremstyle]\begin{thm}}
{\end{thm}\end{mdframed}}
\begin{document}
\begin{mdthm}
let so and so be, then:
\begin{enumerate}[labelindent=0pt,leftmargin=*,widest=a,label=\textup{\textbf{(\alph*)}}]
\item $A+B=B+A\hspace{\fill}\text{commutativity}$
\item $A+\left(B+C\right)=\left(A+B\right)+C\hspace{\fill}\text{associativity}$
\item $O+A=A+O=A\hspace{\fill}\text{identity}$
\item $A+\left(-A\right)=O\hspace{\fill}\text{inverse}$
\end{enumerate}
\end{mdthm}
\mdtheorem[style=theoremstyle]{thmm}{Theorem}
Another style with some change:
\begin{thmm}[\normalfont let so and so be, then:]
\begin{enumerate}[labelindent=0pt,leftmargin=*,widest= a,label=\textup{\textbf{(\alph*)}}]
\item $A+B=B+A \hspace{\fill}\text{commutativity}$
\item $A+\left(B+C\right)=\left(A+B\right)+C \hspace{\fill}\text{associativity}$
\item $O+A=A+O=A \hspace{\fill}\text{identity}$
\item $A+\left(-A\right)=O\hspace{\fill}\text{inverse}$
\end{enumerate}
\end{thmm}
\end{document}
