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2. Is there a difference between Contemporary Fiction & Modern Fiction?
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I think contemporary is more a matter of relationship between the reader and the work (i.e. Stephen King's work is Contemporary to me) while Modern in regard to fiction is more a matter of the writer's style.
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3. Is there a good, meaningful definition of "Classic"?
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I think a classic is a book that is still read and enjoyed even a century or more after the author has left us. Some books look to become classics (the Harry Potter series IMO are one such) but the real test of whether a book will reach classic status is its longevity. If a book continues to be published, read, and enjoyed long after its author has died that book is a classic.