One other note, might want to have the addendum that the old theory should be (at least somewhat) empirically validated: e.g. the law of gravitation vs. Aristotle's de Caelo; phlogiston vs. oxygen. The existence of phlogiston was a widely held [belief? theory? -- people weren't using empiricism as much back then, which was part of the problem :-) ]. Call it a theory. Nonetheless, it was discarded in favor of valence chemistry. Or another example would be Geocentric cosmology (epicycles, etc.). To a certain extent they could correctly predict planetary movements, but at the cost of a lot of trouble. But the theory was completely supplanted by Copernicus etc.
Cheers!
It was an unproven hypothesis. The correspondance principle only applies to theories based on a solid fundation of real evidence. W/o empirical evidence, there is no theory.