How come the following occurs:

In cell A1, I have the word "NAME" entered (w/o the quotes)

In cell B1, I have "=A1" typed and all is perfect...."NAME" appears in B1.

Then, if from cell C1, where "ROBIN" is typed, I hit "CTRL C" and "CTRL V"
into cell A1...and all is fine...in cell B1, I instantly get "ROBIN".

BUT, IF, INSTEAD, I TYPE IN CELL C1 "CTRL X" and then "CTRL V" into cell
A1...
ALL IS NOT FINE...

B1 appears #REF1" error...because instead of copying and
pasting into A1, I X'ed out and pasted, the error, "#REF!" appears in B1.

Please explain and thanks,

FKulchar