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Here is a hypothetical situation.

Let's say we are in the US and two major parties nominated their presidential candidates. Election campaign is heating up, and all of a sudden one of the candidates says heck with it and calls it quits for whatever reason (let's say personal)

What would happen to the remaining Election campaign?

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I previously answered about the Republican Party here, and you can see more details there, but this case is covered by Rule 9(a):

The Republican National Committee is hereby authorized and empowered to fill any and all vacancies which may occur by reason of death, declination, or otherwise of the Republican candidate for President of the United States or the Republican candidate for Vice President of the United States, as nominated by the national convention, or the Republican National Committee may reconvene the national convention for the purpose of filling any such vacancies.

For the Democrats, this is covered by rule VII(G) in their Call for Convention:

Filling a Vacancy on the National Ticket: In the event of death, resignation or disability of a nominee of the Party for President or Vice President after the adjournment of the National Convention, the National Chairperson of the Democratic National Committee shall confer with the Democratic leadership of the United States Congress and the Democratic Governors Association and shall report to the Democratic National Committee, which is authorized to fill the vacancy or vacancies.

In short: The RNC members can choose a new candidate themselves or reconvene the convention. The DNC members simply choose a candidate.

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    That "otherwise" seems to cover an immense range of possibilities. – DJohnM Aug 4 '16 at 4:50

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