Classical physics is a group of physics theories that predate modern, more complete, or more widely applicable theories. If a currently accepted theory is considered to be modern, and its introduction represented a major paradigm shift, then the previous theories, or new theories based on the older paradigm, will often be referred to as belonging to the area of "classical physics".
As such, the definition of a classical theory depends on context. Classical physical concepts are often used when modern theories are unnecessarily complex for a particular situation. Most often classical physics refers to pre-1900 physics, while modern physics refers to post-1900 physics which incorporates elements of quantum mechanics and relativity.(1)
Classical physics is not an exact description of the universe, but it is an excellent approximation under the following conditions: Matter must be moving at speeds less than about 1% of the speed of light, the objects dealt with must be large enough to be seen with a microscope, and only weak gravitational fields, such as the field generated by the Earth, can be involved.(2)
