What happens if a formula uses a relative reference and the referenced cell is deleted?

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Grade: Education Subject: Support
What happens if a formula uses a relative reference and the referenced cell is deleted?
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If a formula uses a relative reference (e.g., A1) and the referenced cell is deleted, the formula will likely result in a #REF! error. The relative reference will attempt to find the cell relative to the *current* cell, but the referenced cell is gone.