A link may still be valid, the content of either the target page or the page with the link can change in ways such that the link is no longer relevant or appropriate.
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Partial URL (Relative URL)
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A URL that assumes the current document's path. All references are made from the documents current directory. Examples include syb.html, pub/images/mybullet.gif
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Fully Qualified URL (Absolute URL)
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A URL that contains a full path to a resource, including the protocol indicator. Also known as a hard link. Examples include http://www.somesite.com/somepage.html or c:\intetpub\wwwrooot\ccyp\syb.html
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Link Rot
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Links become invalid due to pages being moved or deleted, page content changed and anchors are renamed or lost.
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Automatic Link-Checking
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You can use automated link-checking software to validate the hyperlinks on your pages. This type of software has the ability to report the state of all site links.