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This was more or less decided in the Toricelli case in NJ. The exception would be when it's too late to print new ballots (as it was in the Carnahan-Ashcroft race) and then votes for one candidate would be seen as being votes for the replacement candidate, even if the name on the ballot is different.
I believe the Democratic Party rules state that the DNC picks the new candidate. If it's a Vice-Presidential candidate, the Presidential Candidate would have the option of picking a new running mate and having the new candidate approved by the DNC (see: McGovern-Shriver). If it's a Presidential candidate, it's untested waters, and there might be a revolt within the Party.
More likely would be the candidate toughing it out until after the election, and if they were victorious, until the electors vote in December. Then they could drop out and let the VP-elect become the President-elect. If the candidate died or was forced, somehow, to back down between the election and the electoral vote, then the Party can name a replacement, but the electors are not bound to vote for the replacement and may vote any way they want. (See: the Grant-Greeley election of 1872.)
Any way, it's a mess.
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